Egypt-based Arab Contractors Company is building two projects in Ethiopia at an investment of more than $111 million, said a report citing its top official.

The company is studying a plan to build a new affordable housing project in Addis Ababa mainly residential units of seven, nine and 12 floors each, reported the Daily News Egypt.

"Arab Contractors Company had last year invested $30 million in similar construction projects in Ethiopia," the company's president and CEO Mohsen Salah was quoted as saying in the report.

The company, which is affiliated to the Egyptian Ministry of Housing, has projects in more than 29 countries. It has major investments in Africa, amounting to $2 billion, he added.