Secon Signs Egp 900 Million Agreement With Siac- Arabtec Jv To Build Nile Towers Project

The Saudi Egyptian Construction Company (SECON) signed an EGP 928 million-construction agreement with the Emirati-Egyptian alliance, Arabtec Construction L.L.C in joint venture with Industrial Engineering and Construction Company (SIAC) to build its “Secon Nile Towers” mega project located at Maadi Nile Corniche in Cairo.The scope of work includes the construction of two 23-storey towers, which are expected to be completed early 2016. The first tower is a 5-stars Hotel Tower, and the second tower is for touristic – residential use.

Eng. Darwish Hassanin, the Chief Executive Officer of SECON said ”signing the agreement with Arabtec – SIAC JV is another step forward to complete Secon Nile Towers after signing the hotel management agreement with Hilton Worldwide in the past few weeks. This project is the first Egyptian-Saudi project of its kind marking the strength of Egypt-Saudi diplomatic and economic ties. And, emphasize the kingdom’s interest in pumping more investments to boost Egypt’s economic growth”

“Partnering with the Arabian JV between Dubai-based Arabtec Construction L.L.C and Egyptian (SIAC) Industrial Engineering & Construction Company, will improve the project hand-over time through combining local market expertise backed by global resources. Putting in mind that the 257 guest rooms hotel has a significant role in easing hotel rooms shortage with its magnificent location at Maadi Nile Corniche in Cairo,” added Hassanin.

Hassanin pointed out that Secon Nile residential and touristic project, is another milestone for the company in Egypt since its establishment in 1975. Highlighting that the mixed used project is derived from SECON’s diversification strategy to mitigate risks associated with current market volatilities.

Eng. Nehad Ragab, Chairman of (SIAC) Industrial Engineering & Construction company said that his company along with Arabtec Construction L.L.C is committed to complete a quality construction work in the agreed upon time frame to maintain SECON’s confidence.

Eng. Omar Lababidi, Managing Director of Arabtec Construction L.L.C, said” Egypt is a strategic market and ranks highly in our long-term expansion strategy.” Lababidi, also, expressed his excitement to work on SECON’s groundbreaking hotel and residential project in collaboration with (SIAC) Industrial Engineering & Construction Company.