CONSTEC, Saudi Fawaz Alhokair’s unit sign deal for residential project

Egypt’s Construction and Design Company (CONSTEC) signed Monday a contract of 70 million Egyptian pounds ($3.9 million) with Egyptian Centres for Real Estate Development, an affiliate of Saudi-based Fawaz Alhokair Group.

The agreement aims to execute the first phase of Egyptian Centres’ first residential project in the North African nation near Mall of Arabia in Sixth of October city, said CONSTEC’s managing director Ashraf Abdel Hakam said on Sunday, giving no further details about the project.

“The company (CONSTEC) seeks to complete the first phase’s construction works, spanning over 32,000 metres and including six multi-storey residential buildings, within 12 months,” Abdel Hakam referred.

The Egyptian official added that CONSTEC has recently signed contracts with a number of major real estate firms to implement the units of Hyde Park in New Cairo.