SECON to inject 3.5bn Egyptian pounds investments into projects this year

The Saudi Egyptian Construction Company (SECON) is planning to pump investments nearing 3.5 billion Egyptian pounds ($193 million) into its projects within 2017, chief executive Darwish Hassanein said Tuesday.

About the company’s projects, Hassanein told Amwal Al Ghad that SECON Nile Towers would capture 1.2 billion pounds of the planned investments.

“We target completing the housing part of the project before the end of 2017 and the hotel part before the end of the first quarter of 2018,” he noted.

The Egyptian official further added that SECON Nile Towers is located in Maadi Nile Corniche on a space of 10,000 square metres.

The project consists of two towers with height of 23 floors for each, Hassanein referred.

Moreover, he concluded that the Egyptian market witnesses an increase in prices ranging between 15 percent and 30 percent within this year.