Egypt showcases ambition, heritage at National Day Celebration in Expo Osaka    EGP inches lower against USD at Wednesday's close    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Egypt hosts international neurosurgery conference to drive medical innovation    World Bank proposes Egypt join new global health initiative    Egypt, India discuss expanding industrial, investment partnerships    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







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.