Ahmed Zaki Abdeen, chairman of the New Administrative Capital for Urban Development (ACUD), uncovers that ACUD’s board will hold a meeting in early September to approve the appointment of Khaled Abbas as chairman of the company instead, Invest-Gate reports.

Abdeen adds that he will resign from his position starting next September for health reasons, after five years of taking over the company’s presidency.

In 2021, President Abdel Fattah El-Sisi said that the Administrative Capital Company may be offered on the Egyptian Stock Exchange in a public offering within two years. The company has liquid assets of EGP 100 bn and assets under management ranging between EGP 3 and 4 trillion.

Additionally, the NAC is being constructed 45 kilometers from East Cairo. The project was announced in March 2015 during the economic summit, which was held in Sharm El Sheikh to attract foreign investors.