Relentless Real can almost touch title after eighth win in a row    Doctors, teachers reject Trump's pressure to reopen US schools    Egypt firmly rejects delaying disputed points over GERD to after agreement    Egypt rejects Ethiopian proposal to defer decision on GERD disagreements until accord is signed    Kuwait advises against travelling abroad due to coronavirus pandemic    Massive fiscal response to COVID-19 pandemic pushes global public debt to record high: IMF    INTERVIEW: Egypt's economic reforms have strengthened the economy in the face of COVID-19, says IMF mission head    Republished: Mahmoud Reda - A pioneer of folk dance    Russian Orthodox Church says regrets decision over Istanbul's Hagia Sophia    BREAKING: Turkish court rules to let Hagia Sophia return as mosque    On 5th anniversary of his death, DNE celebrates the life and career of Omar Sharif    UEFA Champions League quarter-final and semi-final draw    Egypt's Sisi urges unceasing efforts to face economic challenges of COVID-19    Olympic trials to be China's only international sport event this year    Post-Trump era a possibility, Europeans see no quick fix to US ties    Japan nightclub 'hotspots' must follow coronavirus rules to stop spread: Government    Scenes from hell: 1995 Srebrenica genocide    No agreement so far on GERD technical, legal points: Egypt    GERD talks find no breakthrough for 7th straight day    Tehran denies US seizure of Iranian arms on way to Houthis in Yemen    Al-Mashat signs 6 grant agreement worth $90m with USAID    Ethiopia's Nile Dam: Myths and Facts    Egypt's annual urban inflation rises to 5.6% in June: CAPMAS    Turkish verdict paving way for Hagia Sophia mosque expected Friday : Officials    Google shuts down cloud project, says no plan to offer cloud services in China    EU stocks cautiously higher as economic recovery hopes take hold    Misr Emirates Takaful Life Insurance's premiums rise 40% in FY2020    U.S. stock indexes held steady after Nasdaq clinches new record    Egypt won't accept any formulations that disregard its concerns over Ethiopia's Dam: Irrigation ministry    Facebook takes down accounts, pages of U.S. President Trump's Roger Stone    Egypt records 1,025 new coronavirus cases, 75 deaths on Wednesday    Egypt's Mohamed Salah double keeps Liverpool on track for points record    Egypt repeats call for UN-guided ceasefire in Libya: Shoukry    Women's rights activists say silence of sexual assault victims remains main challenge    Healthcare professionals conduct 80% of FGM in Egypt: UNFPA    Egypt Environment Ministry, JICA cooperate to remove single-use plastic bags    1,057 new coronavirus cases in Egypt Tuesday – health ministry    Swvl reveals security breach, but bank details safe    Culture Ministry to document architectural heritage of Egypt    Like father, like son: Ahmed Khaled Saleh acting star in the making    Farwell to 74-year old Egyptian military production minister El-Assar    U.S. President Trump slams Washington Redskins as team re-evaluates name    Egypt reopens 5 museums, 8 archaeological sites and operates 171 international, domestic flights    Egypt's Zamalek to continue training Thursday, but domestic league participation unclear    Federation of Egyptian Banks denies funding GERD: eletreby    Egypt to host World Handball Championship on time despite COVID-19: EHF President    Egypt's parliament Oks amendments to House law amid differences over election    CAF draws timeline for resumed continental championships amid COVID-19    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.





ACUD to support developers in New Capital with flexible payment systems
New Capital maintains its investment attractiveness, says ACUD official
Published in Daily News Egypt on 06 - 06 - 2020

The Administrative Capital for Urban Development (ACUD) has set up flexible payment systems for real estate developers looking to complete projects at the New Administrative Capital (NAC).
The ACUD move comes in light of the significant global economic impact of the ongoing coronavirus (COVID-19) crisis.
Magdy Amin, head of ACUD's Real Estate Sector, told Daily News Egypt that the company has agreed for some developers to pay 50% of the value of their due instalments. The remaining value will be scheduled at interest rates based on the Central Bank of Egypt (CBE) rates.
Amin added that development requests are studied separately, with periodic follow-ups carried out on the implementation of private sector projects at the NAC.
He said that in the event any developer stumbles in their project's implementation, their case will be studied to determine if it is due to the current ongoing global health crisis. Accordingly, the company will undertake the appropriate decision to resolve the implementation process according to an extended timeline.
The procedure is only being applied to developers who have problems in implementation their projects, he clarified.
Amin disclosed, "The ACUD provides land value instalment scheduling to real estate development companies who will pay 50% of the value of each instalment, and schedule the remaining value over a period of six months with interest."
"Despite the presidential decision to postpone the transferral of government ministries and agencies to the NAC to 2021 instead of June 2020, the city has maintained its investment attractiveness and continues to receive requests from investors to obtain land," Amin added.
As a result, Amin expects that the spread of the coronavirus has had no impact on investment opportunities at the NAC.
The NAC spans over 170,000 feddan, and will include 650km of road network and 20 residential areas projected to accommodate 6.5 million people. The development will include an international airport, monorail and electric train to link it with 10th of Ramadan and El-Salam cities.


Clic here to read the story from its source.