Works at proposed new capital city and other developments boost business after decline last year – report
Egyptian construction firm Arab Contractors says its total turnover has registered a year-on-year increase of four billion Egyptian pounds ($112.6 million) to touch $2.14 billion in the current financial year, thanks to recent works in the country’s new capital city project, according to press reports.
The company’s chairman, Mohsen Salah, said that the volume of work for Egypt’s new administrative capital, which involves utilities, housing, roads and infrastructure projects, is worth over two billion Egyptian pounds, according to a report by news portal Amwal Al-Ghad.
Arab Contractors is also executing utility projects in New El Alamein City northwest of Cairo, at a cost of 500 million Egyptian pounds, Salah told the portal. In addition, the company is also working on several infrastructure and road projects in other African markets worth in excess of a billion Egyptian pounds combined, the report said.
Arab Contractors suffered a sharp decline in business volume last year, which stood at 15 billion Egyptian pounds for the 2015 financial year, it was reported. With the new projects on hand, that figure has seen a surge to 19 billion Egyptian pounds in the current fiscal year, Saleh told Amwal Al-Ghad.