Egypt’s Redcon in talks over establishing a $101mn new mall

Egypt-based Redcon Construction Company is negotiating with one of the real estate investments companies to develop a new mall in Fifth Settlement, New Cairo in 2016, its chairman Tarek El-Gammal said Saturday.

The proposed project will be built over 25.000 m² of land and will be with total investments worth 900 million ($101million) Egyptian pounds, he noted.

El-Gammal added that his company seeks to double its volume of business to reach 1.5 billion Egyptian pounds by 2017 in the frame work of the burgeoning local market.

Since its establishment as a company, Redcon has implemented over 125 projects for major companies, including Emaar, Al-Futtaim, Palm Hills, Al-Kharafi, Zayed Bin Sultan Al-Nahyan Charitable and Humanitarian Foundation, and Almarai for Dairy.