Monday 23 April 2018

Secon plans $129m investment in Egypt projects

CAIRO, January 10, 2017

Saudi Egyptian Construction Company (Secon) has announced plans to pump over E£2 billion ($129 million) into its projects in Egypt this year, said a report.

The company will continue implementing its existing projects, including Nile Tours on Maadi Corniche, Riyadh Secon in New Cairo, Dorra Assiut in New Assiut, and Secon Resort in New Damietta, reported Daily News Egypt.

The company raised its capital by $243 million in 2015, boosting it to $318 million. The Saudi government paid its 50 per cent stake in cash amounting to $121.5 million, stated the report citing the CEO Darwish Hassanein.

The Egyptian government, on the other hand, paid for its share by providing three plots of land of 407,400 sq m in New Assiut, New Cairo, and New Damietta areas of Cairo, it added.

Tags: Saudi | investment | Egypt project | SECON |

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