The Administrative Capital For Urban Development (ACUD) has officially denied news published on July 2 that it has sent out notifications of its intentions to withdraw lands in the New Administrative Capital (NAC) from 17 real estate companies, Invest-Gate reports.

No notices of land withdrawals were issued to any of the developers operating in NAC, ACUD said in a recent official statement, stressing, “News published in local newspapers is completely incorrect.”

Plots shall in no case be withdrawn from any of the developers contracting with ACUD on lands with various activities without obtaining a final judicial decision. In addition, termination of the contract comes after lengthy procedures. Developers operating in NAC, however, are not experiencing such issue at all, the statement highlighted.

Being the master developer of NAC project, ACUD is 51% owned by the Egyptian Armed Forces and 49% by the New Urban Communities Authority (NUCA), with a paid-up capital amounting to EGP 20 bn and authorized capital worth EGP 204 bn.