The New Administrative Capital (NAC) is the largest urban community in the world. The city opening will be a very big event. A high-level committee was formed to organize the official opening, Khaled El-Husseini, the Spokesperson for the Administrative Capital for Urban Development (ACUD), has stated. Speaking to Daily News Egypt, El-Husseini said that the committee began communicating with international companies to manage the opening ceremony, as well as to invite important personalities around the world. He added that the NAC's Government District is almost complete, with implementation rate exceeding 98%, as well as the third residential district (R3), as it was the first project launched in the New Capital. El-Husseini added that a small percentage remains in the city control center to be completed as well as in smart infrastructure, and it will be completed by the end of next February. Moreover, parliament will be completed this year, as well as, City of Arts and Culture will be completed during the current year. He elaborated that the average implementation rates in all projects at the New Capital exceeded 65% by the end of last year, which is a very large percentage. The government met and the ministers met in their offices, and gradually work will be done to transfer personnel and all employees will be in their offices in the capital by the end of June, he pointed out. He noted, "A number of huge technology projects and major investment projects are being implemented in the NAC in cooperation with more than 20 specialized international companies that transfer their expertise to the local side. Additionally, the NAC is preparing to receive government employees to work from the new headquarters in the Government District in 2022, after it has completed the development of the district with investment cost worth roughly EGP 60bn." He noted that the first phase of the NAC is currently witnessing the delivery of the entire government district building projects. Contracting companies executing civil and electromechanical works are carrying out the work of operating tests for buildings at the infrastructure level, as well as fire fighting systems and cooling works, as well as works related to building waste management. He explained that road works and landscaping works related to buildings are currently being completed. The city includes about 400 developers who implement various projects, and developers operating in the NAC contribute to the development of approximately 50% of the New Capital, and the implementation rates vary according to each project, El-Hosseini said, added that the political leadership is more keen on making the city a shrine for all Egypt's guests. Accordingly, he stated, "We will expand the escrow account for projects being developed by the private sector in the coming period. It is a legal arrangement in which a third party temporarily holds large sums of money or property until a particular condition has been met such as the fulfillment of a purchase agreement." He further explained that escrow account is a bank account, developers can open in favor of his project in the New Capital and a technical office in each bank will be responsible for following up on this account and disburse payments to developers according to the adopted execution plan to guarantee the development and continuation of construction process. Moreover, preserve clients' money in case of leaving the unit. With regard to the transfer of employees to the NAC, he commented that employees have two options, the first of which is to commute daily using the available means of transportation, and therefore the state will provide him with an additional transportation allowance for them. Otherwise, move to employees' housing in Badr City or the NAC's R3 according to the job. Additionally, providing raises to help them pay installments of units they will move to, whether in Badr or in the R3. He further elaborated that 74 entities operating in the NAC obtained the ministerial decision for their projects until December, pointing out that three other entities are awaiting the issuance of their own ministerial approval. In early December, a contract for selling a plot of land in the Diplomatic District for the Embassy of Syria in Cairo was signed as part of the process of moving foreign and Arab embassies and diplomatic missions from their current headquarters to the diplomatic district at the New Capital. El-Husseini said, "The ACUD, by the end of next January, will be the first government agency to move to the New Capital and operate entirely from there. The new headquarters is equipped at the highest level and consists of eight floors." He noted that the date of the expected global opening of the first phase of the New Capital has not been set, and stressed that all state agencies are meeting and joining hands in order for the opening to take place in a timely and impressive manner. He concluded that there is a committee formed to choose the name and visual identity, including the new name for the New Administrative Capital and the logo, disclosed that no name has been settled on yet for the city. In August 2021, Egyptian President Abdel Fattah Al-Sisi revealed a plan to list the Administrative Capital for Urban Development (ACUD), the owner and developer for the New Administrative Capital in Egypt, on the Egyptian Exchange (EGX) within two years.
