Egypt aims to attract 250,000 residents to the administrative capital by this date

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Khaled Abbas, the Chairman and Managing Director of the Administrative Capital for Urban Development in Egypt, stated that the new capital aims to attract 250,000 residents for permanent residence within three years, compared to only 30,000 residents currently.

Abbas added in a television interview that the population in the new administrative capital is expected to double to 60,000 residents by the end of this year.

The Chairman of the Administrative Capital Company anticipated that the Central Bank would move to the new capital in the coming months, followed by the relocation of 18 banks in succession.

Abbas confirmed that there is no real estate bubble in Egypt, and added: 'Only between 10 and 12 developers in the administrative capital are delayed in execution, but no developer has abandoned their project.'

He stated that the government pays rents to the Administrative Capital Company amounting to about 7 billion pounds, in addition to electricity and other utility bills, with penalties and interest in case of delay.

He added that the Administrative Capital Company paid taxes last year amounting to 8.5 billion pounds, in addition to the current year's taxes which amounted to about 7.5 billion pounds.

He explained that the company achieved 133 billion pounds in profits before taxes over the last 10 years and paid about 37 billion pounds in taxes, in addition to distributing about 100 billion pounds to shareholders.

Abbas stated that the company's assets amount to 310 billion pounds, and the capital reaches 45 billion pounds, fully paid.

He added that the price per meter in the New Administrative Capital exceeds in some areas, such as the towers area, 70,000 pounds compared to 25,000 pounds in the first offering, and the price of residential meters has risen to 12,000 pounds compared to 2,500 pounds.

The head of the Administrative Capital Company continued: "If we list the Administrative Capital Company on the Egyptian Stock Exchange, the share price will not be less than 400 pounds compared to 100 pounds before that."

He said: "The company's investments in infrastructure and some constructions have reached 220 billion pounds over the last 10 years, and if we reassess our assets, the investments will reach one trillion pounds."