Forbes Global explores hosting annual conference in Egypt's New Capital
The Administrative Capital for Urban Development (ACUD) recently hosted a high-profile delegation led by the Chief Executive Officer of Forbes Global and the CEO of Magnom Properties, alongside senior representatives. The visit aimed to assess the potential of the New Administrative Capital (NAC) as the venue for the Forbes Annual CEO Conference, marking its first-ever edition in Egypt.
During the visit, Khaled Abbas, Chairperson of ACUD, and senior officials briefed the delegation on the rapid development of the NAC, highlighting major achievements in the Government and Financial Districts. These areas have already begun attracting leading global financial institutions and presenting promising investment opportunities.
The discussions also covered progress on Forbes' first zero-carbon tower, a landmark project set to draw international investors and business leaders. Michael Gilbert, CEO of Forbes Global Properties, praised the New Administrative Capital's rapid progress and world-class infrastructure, emphasizing its potential as a global investment hub.
Maged Marei, CEO of Magnom Properties, commended ACUD's efforts in developing the Central Business District, positioning it as a magnet for multinational corporations. He highlighted the $1bn Forbes International Tower as a transformative project that will encourage major institutions to establish regional headquarters in the NAC, further driving foreign investment, economic growth, and job creation in Egypt.
ACUD was established in April 2016 as an Egyptian joint-stock company overseeing the implementation, management, and operation of the New Administrative Capital—one of Egypt's most ambitious national projects. ACUD operates under Investment Law No. 8 of 1997 and has a paid-in capital of EGP 44.6bn. In 2022, the company reported pre-tax profits of EGP 19.8bn, while its assets surged to EGP 255bn.
Construction of the NAC began in late 2016, covering an area of approximately 230,000 feddans. Strategically located 60 kilometers east of Cairo and 65 kilometers west of Suez, the city is designed to accommodate up to 8.5 million residents upon completion. It serves as a key solution to Cairo's congestion and Egypt's rapid population growth while reinforcing the country's position as a regional business and investment hub.
By exploring partnerships with global entities such as Forbes Global, the New Administrative Capital continues to solidify its role as a premier destination for international business, innovation, and economic development.
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