ACUD achieves LE 10B during H1 of 2023

CAIRO - 12 November 2023: Administrative Capital for Urban Development (ACUD) achieved profits worth LE 10 billion by the end of the first half of 2023 and will achieve an increase over the target for the current year by a rate ranging between 15 and 20 percent surge.

He added that ACUD will announce partnership opportunities soon with the private sector to implement projects together in the Administrative Capital.

The Chairman and Managing Director of ACUD, Khaled Abbas, announced this during his speech at the 7th edition of the Real Estate Debate Conference. Abbas stated that the earnings results for the period until September 2023, will be released later this month.

Earlier this September, ACUD announced that its public offering on the Egyptian Exchange (EGX) is scheduled to be completed within the first half of 2024.

ACUD will be listing 10 percent of its shares on the EGX as part of the government’s plans to sell interests in 35 state-owned businesses to strategic investors by the first half of 2024.

The government is expecting to raise almost LE 70 billion, which equivalent to 0.6 percent of the gross domestic product (GDP), through its initial public offering (IPO) program in FY2023/2024.