Khaled El Hosseini, spokesperson of the Administrative Capital for Urban Development (ACUD), has received more than ten offers by foreign companies to develop projects in the New Administrative Capital (NAC), Invest-Gate reports.

El Hosseini recently told Invest-Gate that the company is in negotiations with a number of Egyptian, Arab, and foreign developers to obtain land plots in NAC, whether through land purchase or partnership agreements.

El Hosseini noted that ACUD is still studying these offers and the final decision will be made soon.

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.