Egypt-Saudi SECON launches new project worth $337.8mn in New Cairo

The Saudi-Egyptian Construction Company (SECON) has announced that the foundation for Riyadh SECON” has been laid in New Cairo that will see investments between 2.8 billion and 3 billion Egyptian pounds.

SECON CEO Darwish Hassanain said that the new comprehensive compound would include 120 residential building with total number of 1928 units to be built through three phases for above-medium income segment in cooperation with local construction companies.

During The first phase, the company would carry out 44 residential buildings that represent 44 percent of the whole project

The company would establish three new projects amongst the land received of 97 feddans, as part of the Egyptian share in raising the company’s capital, of which Riyadh SECON will cover a total area of 68 feddans.

Earlier, The Company received a cut of the three lands from the Egyptian government in order to effectuate an agreement between the Egyptian and Saudi governments to increase the company’s capita by $243m.

The Saudi government paid $121.5m in cash, and the Egyptian $121.5m through in-kind share, equivalent to about 100 acres in three new cities, while the kingdom turned the cash share of the capital in the company’s account in mid-January.

SECON has announced that three new projects will be built in the areas of New Cairo, New Damietta and New Assuit.

Moreover, the company has witnessed a considerable growth in the volume of its investments during the previous year especially after increasing the paid capital from $ 50 million to $ 318 million.