Arab Contractors Company has signed a contract to create housing project in Algeria, with $ 60million investments including the establishment of 5.000 residential units in Ain al Hilweh, Algeria within two years and half
Eng. Osama Al-Husseini, the Chairman of Arab Contractors Company, said the project is considered to be one of the most projects which the Algerian government is planning to implement within a program which seeks to establish 2 million residential units within 5 years, pointing out that the company is targeting the competition as well as some infrastructure and facilities projects that serves the housing project.
Al-Husseini added that the total contracts till the end of the last June are about EGP 37 billion( 5.2 billion, EGP 12.4 billion for the foreign projects, noting that the company is depend on the African market to increase its foreign works and activities.
The total contracts of Arab Contractors in the African market reached around $ 2.7, Nigeria ranked first with contracts about$ 920 million, $ 440 million in Chad, $ 330 million in Guinea, $ 93 million in Libya and $ 65 million in Ethiopia
Arab Contracts works are ranging now between 15 and 20% from the total works, and target to access to 40% during the next two years.
Arab Contactors ranked as one of the most construction companies in MENA, recently decided to increase its capital by about EGP 500 million, the equivalent of $ 76.9 million, rising to EGP 5 billion.