Arab Contractors, NBE in talks over funding Airport City project

Arab Contractors Company (AC) is in talks with National Bank of Egypt (NBE) over participating in funding the infrastructure works of Airport City project, first vice-chairman Sayed Farouk said Tuesday.

Arab Contractors is currently competing with other four large contracting companies to execute the project which is set to be established around Cairo International Airport, Farouk stated.

The Airport City project ,supported by the World Bank, entails nearly 4 square miles of touristic, trade, entertainment and medical facilities, all built to meet strict environmental standards, and is anticipated to create 30,000 direct jobs upon completion in 2020, as published in Ahram Online.

Fighting off several firms, Arab Contractors has obtained the Terms of Reference (TOR) on the tender as regard to the infrastructure of the Airport City Project from the Egyptian Holding Company for Airports and Air Navigation (EHCAAN).

Upon the terms, the winner is required to carry out the utilising works on the project as well as to secure the necessary finance, which shall be paid over 8 years.

Arab Contractors is currently studying the specified cost for executing project’s infrastructure that extends from Ring Road to Cairo Suez Desert Road.

The official clarified that EHCAAN has determined two-year schedule for the winner to finish utilisation works and comprehensive infrastructure.

Moreover, in case that NBE agreed to participate in funding the project, it will lead a banking consortium to provide necessary finance, Farouk added.