3 state-run contractors to invest EGP 1.2bn in property investment activity

Three Egyptian public sector major construction firms are preparing to pump investments of 1.250 billion Egyptian pounds ($69,7 billion) into real estate investment activity within 2019, a source in HCCD said Wednesday.

The three firms are Hassan Allam, Moukhtar Ibrahim, and General Construction Company- Rolin, the official source in the Holding Company for Construction and Development (HCCD) told Amwal Al Ghad, adding that they own a bunch of mega land plots in Cairo and a other governorates.

“The investments are distributed as 500 million pounds for Moukhtar Ibrahim to establish Cairo’s property project, 450 million pounds for Hassan Allam to carry out Alexandria’s new project in partnership with two real estate firms, 300 million pounds for Rolin to implement Nasr City’s residential and administrative project,” he noted.

The source clarified that Egyptian Arab Bureau for Design and Technical Consultation has been mandated by the three firms, in cooperation with local consulting offices to execute the engineering consultancies of the new projects.