US economy slows to 1.6% in Q1 of '24 – BEA    EMX appoints Al-Jarawi as deputy chairman    Mexico's inflation exceeds expectations in 1st half of April    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    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
Shaimaa Al Aees 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.