The Administrative Capital for Urban Development (ACUD) has received 22 requests from foreign embassies in Egypt to acquire lands in the New Administrative Capital (NAC), east Cairo, Invest-Gate reports.
Being the master developer of the new capital, ACUD has obtained several offers from European, Arab, and African countries to relocate their premises to NAC’s Diplomatic District, namely Saudi Arabia and China, who each appealed for a 20-acre parcel to maintain new official branches, Ahmed Zaki Abdeen, the company’s chairman, exclusively told Invest-Gate.
The Diplomatic District is addressed and apportioned by the Ministry of Foreign Affairs, and thus, it is responsible for accepting such applications and coordinating with ACUD in the process of lands allocation, Abdeen explained, noting that prices in this neighborhood stand at USD 400 per meter.
However, ACUD did not yet garner any payments from the concerned bodies, the chairman confirmed.
According to Abdeen, three African countries covet to transfer Egypt’s experience in the implementation of NAC and are eager to establish a similar administrative capital in their homelands, notably Tanzania and South Africa.
The chairman further revealed that Tanzanian Prime Minister Kassim Majaliwa recently headed a delegation in a visit to NAC, endeavoring to learn more about the megaproject, where ACUD underlined its readiness to aid the East African country in developing its new capital’s designs, masterplans, as well as, the provision of technical assistance.