HCCD says affiliates’ turnovers in Egypt new capital rose to 1.9bn pounds

Egypt’s Holding Company for Construction and Development (HCCD) says some of its affiliates’ business volume rose to more than 1.9 billion Egyptian pounds ($107.6 million) during 2017.

The rise was due to new mandates given to these affiliates to carry out a number of new works in the first phase of the county’s new administrative capital project, a source with knowledge said Thursday.

Five construction companies of these affiliates have captured around 40 percent of ongoing utilities works in the first phase, the source added, saying that three of them were tasked with new mandates exceeded 1.9 billion pounds.