MEDCOM reports one billion Egyptian pounds in contracts this year

Egypt’s Misr Engineering Development Company (MEDCOM) reported total contracts of one billion Egyptian pounds ($55.1 million) during 2017.

The Egyptian company is planning to double the volume of its contracts within the next years through the expansion in implementing national mega project, notably the country’s new capital city, chairman Moataz Mahmoud said Wednesday.

MEDCOM is currently executing utilisation works for the new Al Masah Hotel among projects in the first phase of the new capital city, Mahmoud further added.

“MEDCOM has been assigned with a 20 percent share in the hotel works, with costs worth 400 million pounds.” he told Amwal Al Ghad.

The Egyptian official further stated that the total volume of MEDCOM’s businesses recorded 400 million pounds at the end of December 2016.

“We target doubling our business volume to range between 450 million pounds and 500 million pounds at the end of next financial year,” Mahmoud said.

Moreover, MEDCOM also implements a number of villas and housing units in New Cairo in favour of SODIC and Palm Hills Development (PHD) with costs worth more than 350 million pounds, Mahmoud said.