Khaled Abbas, Chairman and Managing Director of the Administrative Capital for Urban Development (ACUD), addressed the “The Investor… Real Estate” conference, emphasizing the critical role of funding in Egypt’s real estate sector, Invest-Gate reports.

Organized by Black Diamond under the theme “Non-Banking Financial Institutions… Funding Pillars for Urban Development,” Abbas highlighted the growing demand for housing fueled by Egypt’s annual population increase of 2.5 mn.

Abbas noted that the new administrative capital has generated EGP 57 bn in profits over six years, including EGP 20 billion in taxes. Currently, the city employs 50,000 individuals, houses six international universities and 12 schools, and serves thousands of students. Infrastructure for Phase Two, spanning 40,000 feddans, is set to begin shortly.

Abbas reaffirmed ACUD’s focus on sustainable development, working closely with developers to ensure inclusive and equitable urban growth.