LE 2 Bln Investments In Coming 2 Years: Mohammed Abou El-Enein

Approximately EGP 2bn worth of investments will be pumped by businessman Mohammed Abou El-Enein, the chairman of Cleopatra Group for Real Estate Projects, during the upcoming two years.

Abou El-Enein revealed to Daily News Egypt that these investments include a new tourism project in Marsa Allam, which is currently under study. The project will include 1,200 rooms, he noted.

The businessman added that the other project will be a commercial shopping mall in Sheikh Zayed.

Abou El-Enein highlighted that his companies are also looking into projects that are related to new and renewable energy, particularly solar energy.

“All the expansions that we have stopped since the revolution, will be back on track,” the businessman added.

Following the Economic Summit, several companies announced their intentions to investment in the country, and a number of businessmen also pledged to recommence their halted projects.

Gamal El-Garhy, chairman of Solb Misr Company, said his company plans to pump approximately EGP 1.6bn, or $200m, in investments during the coming period.

“We have some investments that we are currently developing,” he said, adding that the investment plan will last until 2017.

The Saudi-Egyptian Construction Company (Secon) signed three contracts to design new real estate projects on an area of 100 acres last Thursday, entailing investments valued at EGP 2.5bn. The projects will be built in the areas of New Cairo, New Damietta and New Assiut.

Source: Dail News Egypt