Egypt’s El-Abd halts works on Libyan housing projects amid ongoing tensions

The Egyptian Contracting Company – El-Abd has suspended its works on housing projects in Libya 801 million Egyptian pounds (US$102 million), official from the company told Amwal Al Ghad Saturday.

Said Fattouh – Vice-Chairman of the Board of Directors and Managing Director of Technical Affairs at El-Abd – added that the reason behind halting the company’s works in Libya was the ongoing security tensions there.

El-Abd had during the past years  agreed to carry out  a large bunch of housing projects in the Libyan capital, Fattouh said.

Elsewhere, Fattouh referred to his company’s interest in boosting its volume of businesses in Egypt in the current phase. El-Abd is also planning to launch its new branch dedicated for road projects, targeting competition with other local firms.