The Saudi Egyptian Construction Company’s (SECON) strategy for 2016 aims at pumping new investments worth 1 billion Egyptian pounds (US$127.7million) in its three projects, CEO Darwish Hassanein said Thursday.

In an interview with Amwal Al Ghad , Hassanein stated that the three projects -worth 3 billion Egyptian pounds- are located in New Cairo, New Asyut and New Damietta cities.

He noted that SECON is working to finish ministerial decrees and licences of the three projects to start working before the end of 2015.

The three projects are the outcome of an agreement signed between the Egyptian and Saudi governments to boost SECON’s capital by US$243$ million. Upon the agreement, the Egyptian government shall provide land plots in three new cities with total spaces estimated at 100 feddans; while the Saudi government shall pay its share in cash.

CEO Hassanein clarified that the company is currently finishing the designs of the three projects: New Cairo city’s project on the space of 62 feddans, New Asyut city’s project on the space of 13 feddans, and New Damietta city’s project on the space of 17 feddans.

Moreover, the Saudi Egyptian Construction Company aims at achieving 60% growth in profits compared to 2014.