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The New Administrative Capital (NAC) has achieved over EGP 20 billion in profit in FY 2022/23, according to an Egyptian Cabinet statement on Sunday.
Egyptian Prime Minister, Dr Moustafa Madbouli, on the sidelines of the handover of the first three towers in the Central Business District of the NAC, said that the state’s budget did not incur any expenses for the establishment of NAC as mega-real estate developers financed the development process.
Reviewing the progress of projects in the old capital, Madbouli highlighted that his government was carrying out a vast number of projects including the development of entertainment and service areas and initiating projects like Fustat Hills.
