Saudi Egyptian Construction Seeks EGP 650 Mln Loan From NBE, BM
The Saudi Egyptian Construction Company (Secon) plans to sign a contract to receive EGP 650 million loan from the National Bank of Egypt (NBE) and Banque Misr by next December to finance the establishment of Secon Nile Towers located at Maadi Nile Corniche.
The company currently sets the loan conditions to start the construction of the project by the beginning of 2013, said Darwish Hassanein, general manager of company.
The company has assigned the execution of the project to Arabtec-SIAC which is an UAE-Egyptian alliance, he noted, adding that the company is in talks with a number of international companies to manage the project
The company will build two residential hotel towers on an area of 10,000 m2. Such project is the first tourism project to be built by the company, Hassanein added.
It is worth mentioning that the company awaits the New Urban Communities Authority (NUCA) to launch a new bid in order to buy a land for building a new housing project in El-Tagamu El-Khames. NUCA has recently announced it offers up to 52 feddans for sale to investors.
