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Saudi-Egyptian Construction Giant to Invest EGP 2 Billion in Egypt in 2017

The Saudi Egyptian Construction Company (SECON) announced its plan to inject cash for its projects in New Assiut, New Cairo, and New Damietta.

Saudi Egyptian Construction Company (SECON)'s CEO, Darwish Hassanein, announced his company's intention to inject over EGP 2 billion into its projects in Egypt, Daily News Egypt reported.

The company has already undertaken a number of projects, including Nile Tours on the Maadi Corniche, Riyadh Secon in New Cairo, Dorra Assiut in New Assiut, and Secon Resort in New Damietta. Hassanein announced that those projects will remain operant, while new projects are also being considered. However, the businessman stressed on the importance of calculating currency exchange gaps quickly, as construction companies have been facing challenges since the devaluation of the Egyptian Pound. 

The firm raised its capital to $318 million in 2015, as the Saudi government injected cash while its Egyptian counterpart paid for its share by providing three plots of land in New Assiut, New Cairo, and New Damietta.