Ahmed Zaki Abdeen, chairman of the New Administrative Capital for Urban Development (ACUD), said that the 40,000-acre first phase of the New Administrative Capital (NAC) has seen investments worth EGP 300 bn, all of which is self-financed, Reuters reports.

The new capital is fully financed by the revenues of land sales, Abdeen stressed in a recent interview with the international news organization.

ACUD halted the sale of land plots in the new capital until the Egyptian ministries and presidential’s headquarters are relocated, a move that will raise the value of land prices in NAC.

NAC’s land price stands around EGP 4,000 and EGP 15,000 per square meters for residential and commercial uses, respectively, while the embassy’s land is priced at about USD 400 per meter, Abdeen continued.

A total of 17,500 acres has been so far sold in the first phase of NAC for around 50-60 Egyptian and Arab companies, the chairman highlighted.

Infrastructure facilities of the new capital’s phase I will cost a total of EGP 15-20 bn, of which EGP 10 bn has been invested, Abdeen noted, adding that ACUD pumped EGP 40 bn in the government district.