{"id":660538,"date":"2025-02-13T00:00:00","date_gmt":"2025-02-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/13\/acud-to-offer-second-phase-of-new-capitals-development-in-march\/"},"modified":"2025-02-13T00:00:00","modified_gmt":"2025-02-13T00:00:00","slug":"acud-to-offer-second-phase-of-new-capitals-development-in-march","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2025\/02\/13\/acud-to-offer-second-phase-of-new-capitals-development-in-march\/","title":{"rendered":"ACUD to offer second phase of new capital\u2019s development in March"},"content":{"rendered":"

Good morning, friends. <\/strong>We have made it to the end of one very busy week packed with diplomacy developments. In today\u2019s issue we have a little sneak peek into next fiscal year\u2019s Public Government Budget, fresh details on Al Ahly Sabbour\u2019s long-awaited IPO, Qalaa Holdings\u2019 3Q 2024 earnings, and the ins and outs of how Egypt\u2019s M&A market fared in 2024. <\/p>\n

BUT FIRST- <\/strong>President Abdel Fattah El Sisi has reportedly opted to stay away from the White House as long as the Trump Administration keeps pushing the displacement agenda, Reuters<\/a> wrote. US President Donald Trump had invited El Sisi to visit and it was reported that Foreign Minister Badr Abdelatty\u2019s visit to the US capital earlier this week was to set the stage for El Sisi\u2019s visit, Trump continuing to push Egypt and Jordan to take in displaced Gazans appears to have changed the plan. <\/p>\n

PSA- <\/p>\n

WEATHER- It\u2019s another cold day in Cairo<\/strong>, with a high of 18\u00b0C and a low of 10\u00b0C, according to our favorite weather app.<\/p>\n

It\u2019s just as cold in Alexandria<\/strong>, with a high of 18\u00b0C and a low of 11\u00b0C.<\/p>\n

And over the weekend, <\/strong>expect to see a high of 21\u00b0C and a low of 10\u00b0C in the capital.<\/p>\n

** DID YOU KNOW that we now cover <\/strong>Saudi Arabia<\/a><\/strong> and the <\/strong>UAE<\/a><\/strong>?<\/strong><\/p>\n

** Were you forwarded this email?<\/strong> Tap or click here<\/a> to get your own copy delivered every weekday before 7am Cairo time \u2014 without charge.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Pha<\/strong>se two of the new capital\u2019s development will be offered to a French investment <\/strong>consortium in March<\/strong>, Administrative Capital for Urban Development (ACUD) Chairman Khaled Abbas told a meeting<\/a> of the Egyptian Businessmen\u2019s Association yesterday, according to Asharq Business<\/a>.<\/p>\n

Better late than never: <\/strong>Abbas said last March<\/a> that ACUD planned to start construction on the second phase of the new administrative capital early this year at a cost of EGP 240 bn (c. USD 4.8 bn at the time). ACUD had previously penciled in<\/a> a 2Q 2024 or 3Q start at the latest.<\/p>\n

We haven\u2019t heard much about the project\u2019s second phase since last March<\/strong>, when we got word that three industrial developers had submitted offers<\/a> for 1 mn sqm plots included in the project\u2019s second phase. ACUD also that month signed a shareholders\u2019 agreement with French IT giant Atos to set up a JV to manage and operate smart tech services in the new capital.<\/p>\n

<\/a> ALSO- <\/strong>The ne<\/strong>w capital\u2019s spanking new airport will officially open its door in April<\/strong>, Abbas said. <\/p>\n

\n

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#2- <\/strong>Loc<\/strong>al fintech giant Fawry<\/strong> will give its clients the chance to invest in gold and <\/strong>EGX-traded stocks<\/strong>, CEO Ashraf Sabry said during a presser attended by EnterpriseAM. Fawry will serve as a platform for some of its partners with gold and stock market funds.<\/p>\n

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<\/a> #3- Oracle to roll out AI and tech training program across the region:<\/strong> US technology giant Oracle is set to train 350k people in AI and cloud technologies in Egypt and five other Middle Eastern countries through its Oracle MyLearn platform, it said in a statement<\/a>. The multi-year program \u2014 which will be delivered in partnership with the public sector \u2014 will offer training in several technologies, including Oracle Cloud Infrastructure, AI services, DevOps, and Oracle APEX. <\/p>\n

The bigger picture: <\/strong>The initiative will also target the UAE, Saudi Arabia, Qatar, Morocco, and Jordan as the company looks to meet growing regional demand for Oracle Cloud and support the Middle East's AI economy, which is expected to reach USD 320 bn by 2030, according to the statement.<\/p>\n

This is good news for the government\u2019s digital exports push: <\/strong>The government wants to<\/a>see<\/a> digital exports bring in USD 9 bn into the economy annually as of 2026 and then up to<\/a> USD 13 bn by 2030. We\u2019re yet to hear the most recent figures for 2024, but Egypt\u2019s digital exports brought in USD 6.2 bn in 2023<\/a>, up 26.5% y-o-y from 2022. The figure includes outsourcing exports \u2014 think call centers and human resource centers \u2014 which accounted for over half of the digital exports in 2023, standing at USD 3.7 bn, up 54% y-o-y.<\/p>\n

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#4- Capma<\/strong>s\u2019 Egyptian Economic Consensus will be out before the end of the fiscal <\/strong>year<\/strong>, according to a statement<\/a> from the Planning and International Cooperation Ministry. The release will mark the first economic census released by the state statistics agency since 2020.<\/p>\n

The census will have some notable additions this time round<\/strong>, with the report including data on the green economy, industrial zones, outsourcing, and e-commerce for the first time.<\/p>\n

\n

HAPPENING TODAY-<\/p>\n

<\/a> The<\/strong> Bu<\/strong>sinesswomen of Egypt 21 Association will kick off its annual conference today<\/strong>, with the five-day event set to take place across venues in Cairo, Luxor, and Aswan, according to a statement<\/a>. This year\u2019s conference is being held under the theme of Megatrends Shaping Women\u2019s Economic Potential and will host delegations from across the world.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

\n

CIRCLE YOUR CALENDAR-<\/p>\n

Exploring business potential between Egypt and Switzerland: <\/strong>The Egyptian-Swiss Business Circle and Kickstart Innovation are hosting a series of online events on 20 February under the theme Innovate Together: Business Opportunities Between Egypt and Switzerland<\/a>. The events aims to strengthen business ties between the two nations, bringing together startups, investors, and public and private players. <\/p>\n

Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n

\n

THE BIG STORY ABROAD-<\/p>\n

The war in Ukraine is in the spotlight this morning<\/strong>, as an unexpected rapprochement between the US and Russia opens the door for peace talks.<\/p>\n

Russo-Ukrainian talks to kick off: <\/strong>US President Trump agreed \u2014 in his first publicly announced phone call with Russian President Vladimir Putin \u2014 to start negotiations aimed at ending the war \u201cimmediately\u201d and reaching a long-term settlement. The two presidents are set to meet later in Riyadh to iron out the details, Trump added.<\/p>\n

Blindsiding allies: <\/strong>The announcement came hours after US Defense Secretary Pete Hagseth told the Nato that Ukraine\u2019s aims to join the alliance are \u201cunrealistic,\u201d conceding that the country will probably have to accept losing territory.<\/p>\n

Ever the businessman: <\/strong>The US also presented Ukraine\u2019s president Volodymyr Zelenskiy with an economic partnership agreement, during a visit by Treasury Secretary Scott Bessent to Kyiv. Zelenskiy said the talks will include \u201cUkraine\u2019s potential in natural resources,\u201d a particular interest for Trump, who said earlier he would like to tap into Kyiv\u2019s critical minerals as well as open its markets to US energy exports in exchange for military and economic support. (NY Times<\/a> | Bloomberg<\/a> | FT<\/a> | Reuters<\/a> | CNN<\/a> | Semafor<\/a>)<\/p>\n

Tariffs push not slowing down: <\/strong>Trump could sign his reciprocal tariffs today, ahead of India\u2019s Prime Minister Nerandra Modi landing in Washington, where the two are scheduled to discuss trade concessions to spare India potential tariffs. (CNBC<\/a>)<\/p>\n

CLOSE TO HOME-<\/strong> Israel is reportedly pushing to retain a number of positions in Lebanon after the US shot down a request to keep most troops in the country in violation of the ceasefire agreement with Hezbollah. (Bloomberg<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"

Good morning, friends. We have made it to the end of one very busy week packed with diplomacy developments. In today\u2019s issue we have a little sneak peek into next fiscal year\u2019s Public Government Budget, fresh details on Al Ahly Sabbour\u2019s long-awaited IPO, Qalaa Holdings\u2019 3Q 2024 earnings, and the ins and outs of how […]<\/p>\n","protected":false},"author":1,"featured_media":660539,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7204],"tags":[72,875,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-660538","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-enterpriseam","tag-new-administrative-capital","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"5fe88ccc-d0a5-4af2-998d-f3048146fe9f","order":"2","is_powered_by":true,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/2\/1265.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ACUD to offer second phase of new capital\u2019s development in March","related_issue":[660536],"teaser":"","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/2\/.27e7bb24-493d-46d1-99fe-08f772105057.mp3"},"yoast_head":"\nACUD to offer second phase of new capital\u2019s development in March - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/02\/13\/acud-to-offer-second-phase-of-new-capitals-development-in-march\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ACUD to offer second phase of new capital\u2019s development in March\" \/>\n<meta property=\"og:description\" content=\"Good morning, friends. 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Look for extensive expressions of brotherly respect and pan-Arab love between Egypt and KSA at Wednesday\u2019s Arab League Summit. President Abdel Fattah El Sisi is one of 17 Arab leaders expected to attend, with the Associated Press noting that\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624658,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/16\/what-were-tracking-this-week-and-beyond-88\/","url_meta":{"origin":660538,"position":1},"title":"What we\u2019re tracking this week and beyond","author":"enterpriseam admin","date":"16 September 2018","format":false,"excerpt":"The Emmys are tomorrow. The entertainment nerds among us are excited. Finance Minister Mohamed Maait will be at AmCham on Tuesday, 18 September for a lunch. The minister will speak about \u201cEgypt\u2019s financial reform agenda.\u201d Members and their guests can register here. **#7 El Sisi in New York: President Abdel\u2026","rel":"","context":"In "Up Next"","block_context":{"text":"Up Next","link":"https:\/\/enterpriseam.com\/egypt\/category\/up-next\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":652992,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/01\/24\/what-were-tracking-on-24-july-2017-2\/","url_meta":{"origin":660538,"position":2},"title":"What we\u2019re tracking on 24 July 2017","author":"enterpriseam admin","date":"24 January 2017","format":false,"excerpt":"Love is in the air between Washington and Cairo after US President Donald Trump called President Abdel Fattah El Sisi yesterday and affirmed his administration's commitment to supporting the country, president spokesman Alaa Youssef said in a statement. The two discussed boosting cooperation in combating terrorism, which Trump lauded El\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":650242,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/03\/20\/what-were-tracking-this-week-198\/","url_meta":{"origin":660538,"position":3},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"20 March 2017","format":false,"excerpt":"Date for El Sisi\u2019s visit to DC set? President Abdel Fattah El Sisi will be visiting Washington D.C. on 3 April to meet US President Donald Trump, according to Reuters, citing an unnamed White House official. Foreign Minister Sameh Shoukry will be flying to Washington on Wednesday to attend a\u2026","rel":"","context":"In "What We\u2019re Tracking This Week"","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":596296,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/08\/25\/what-were-tracking-on-25-august-2019\/","url_meta":{"origin":660538,"position":4},"title":"What we\u2019re tracking on 25 August 2019","author":"enterpriseam admin","date":"25 August 2019","format":false,"excerpt":"Happy Sunday, ladies and gents: With the Eid break well and truly behind us, we\u2019re anticipating the news cycle to finally start picking back up. The CBE\u2019s aggressive 150 bps rate cut on Thursday was understandably the talk of Egypt\u2019s econo-sphere over the weekend (more on this in this morning\u2019s\u2026","rel":"","context":"In "What We're Tracking Today"","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624872,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/20\/what-were-tracking-this-week-and-beyond-92\/","url_meta":{"origin":660538,"position":5},"title":"What we\u2019re tracking this week and beyond","author":"enterpriseam admin","date":"20 September 2018","format":false,"excerpt":"The E-Commerce Summit in Egypt takes place on Wednesday, 26 September. The Egyptian-Sudanese ministerial committee will meet at the end of this month ahead of a presidential summit set to be held in Khartoum in October. The Egypt-Romania business council will meet in Bucharest from 7-11 October, according to Al\u2026","rel":"","context":"In "Up Next"","block_context":{"text":"Up Next","link":"https:\/\/enterpriseam.com\/egypt\/category\/up-next\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/660538","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=660538"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/660538\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/660536"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/660539"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=660538"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=660538"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=660538"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=660538"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=660538"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}