Holding Company for Construction eyes 12 bln Egyptian pounds turnovers late FY2016

Egypt’s state-run Holding Company for Construction and Development (HCCD) is targeting a volume of businesses worth 12 billion Egyptian pounds ($631.6 million) at end of current financial year.

This will be as part of the HCCD affiliates’ plans to take part in a large number of mega projects, involving infrastructure and residential works, its chairman Mahmoud Hegazy said Tuesday.

HCCD was mandated to carry out works worth 1 billion pounds in the country’s new administrative capital city project, as part of an alliance of four major contractors, Hegazy added.

HCCD has achieved profits worth 854 million pounds during financial year 2015-2016, the Egyptian official further stated.

Hegazy referred that HCCD targets achieving an increase in its works volume of three billion pounds within coming financial 2017-2018.