ICEC

Arab Contractors completes 45% of housing flagships in Egypt new capital city

Egypt’s state-run Arab Contractors Company says it has completed 45 percent of some housing and utilities ongoing projects in the first phase of works on the country’s new capital city.

The projects were concluded at a cost of 800 million Egyptian pounds ($45 million) out of the company’s other capital city mandates, which are estimated at around 2.1 billion pounds.

Sayed Farouk, AC’s vice-chairman, told Amwal Al Ghad on Monday that the accomplishment rates reached 45 percent for other housing flagships worth 490 million pounds in the new capital city.

AC was assigned to implement additional residential works of 1.1 billion pounds, Farouk stated, adding that these works include 78 buildings in two phases totalling 2,240 units.

The Egyptian company has also finished a mega share worth 310 million pounds in the first phase of utilities works in the new capital city, he added.

Farouk referred that that company was mandated to carry out more utilities works of nearly one billion pounds, spanning over 55o feddans. These works involve a number of drinking water, irrigation, electricity, and waste water networks as well as communication lines.

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