Egyptian Holding Co. for Construction targets $67.5 mln by 2016-end

Egypt’s state-run Holding Company for Construction ‘ and Development (HCCD)seeks profits worth 600 million Egyptian pounds ($67.5 million) by the end of the year, triggered by higher business volume, its chairman said Wednesday.

Mahmoud Hegazy, Chairman and Managing Director at HCCD, added that the company’s business volume is expected to jump to 15 billion pounds thanks to big bundles of major national projects assigned to the company to carry out.

These projects include the New el-Alamein City and New Toshka in which HCCD, represented by HCCD’s affiliates Egyco and Mokhtar Ibrahim, will do the infrastructure works.

In 2015, the company’s total business volume reached 11 billion pounds, the official said hinting at his company’s plans to expand in a number of Arab countries.

HCCD is currently exploring possibilities of taking over major construction projects in Saudi Arabia, the Egyptian official added.