SECON to inject investments of 2b Egyptian pounds in 2017

Big 5

Property developer Saudi Egyptian Construction Company (SECON) is planning to pump investments of two billion Egyptian pounds ($111.2 million) into different projects within 2017, CEO Darwish Hassanein said.

Speaking to Amwal Al Ghad, Hassanein announced Sunday that his company is currently implementing mega projects including SECON Nile Towers in Corniche El Maadi, Riyadh SECON in New Cairo, Dora New Assiut in New Assiut City, and Secon Resorts in New Damietta.

The Egyptian official referred that SECON is planning to execute new additional projects in order to double its investments.

On other side, Egyptian real estate sector is currently facing a number of challenges notably governemnt’s move to liberalise exchange rate of the Egyptian pound against dollar, Hassanein clarified.

He noted that floating the Egyptian pound would positively affect the national economy within the next period.

SECON’s capital is currently estimated at $318 million, Hassanein added, clarifying that the company has increased iit with  US$243 million at the beginning of 2015.