Eng. Khaled Abbas, Chairman and Managing Director of the Administrative Capital for Urban Development company, said the Central Bank of Egypt is expected to move to the New Capital before the end of this year, while banks operating in the Egyptian banking sector continue to prepare their headquarters in the city.

Speaking in a television interview, Abbas said finishing works are being completed on the headquarters and branches of 18 banks in the New Capital. He expects these banks to move their executive management first, with the rest of their operations following in stages, without giving a date for the move to be completed.

On the New Capital's development, Abbas said about 30,000 people currently live there permanently, and residents are continuing to move in. He expects the number to double by the end of this year and to reach between 250,000 and 300,000 within three years.

He added that the city has 14 pre-university schools with about 5,000 students and 6 universities with about 12,000 students, in addition to educational facilities still under construction.

Abbas noted that the company's internal transport services recorded about 250,000 trips last month, while one of the main gates recorded more than 250,000 vehicles entering over the same period.

On the company's plans, he said it aims to diversify its revenue sources in the coming years to include returns from its investments and subsidiaries alongside land sales. He said the average return on investment over the past ten years, by his estimates, was about 30%.

He also addressed the management of the Government District, explaining that it relies on surveillance cameras and control centres in coordination with the Ministry of Interior, with violations monitored and dealt with, as part of the company's drive to improve how the city is managed and raise its quality of life.