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Egypt Report
Marcopolis presents the Egypt Report focused on investments, doing business, economy, stability and security and other topics featuring interviews with key executives and business leaders. The sectors under review are industry, construction, tourism, logistics and others.
InterviewsApril 06, 2015
A Leading Real Estate Company in Egypt SECON Launched Three New Real Estate Projects
Darwish Ahmed Hassanin, CEO of Saudi Egyptian Construction Company (SECON)
- Written by Dominika Bzduchova
- Published: April 06, 2015
A message from Eng. Darwish Ahmed Hassanin, CEO of SECON:
April 2015
Saudi Egyptian Construction Company (SECON) is a leading real estate company in Egypt owned equally by the Saudi and the Egyptian governments.
SECON is specialized in housing projects that suit all categories of clients. Through 40 years since its establishment; the Company has provided more than 20000 apartments/villas in addition to the Company’s touristic resort in Marsa Matrouh.
SECON started its mega project “SECON Nile Towers” across Maadi Nile River two years ago with total investments of EGP 1.6 billion, and it is planned to be completed before the end of the first half of 2016. This Project comprises two 23-storey buildings; one will be a high end residential tower, the other will be a five-star hotel to be operated by Hilton Worldwide hospitality Company.
SECON has recently Increased its paid capital by 243 million US$ in equal shares between the two governments.
The Saudi side injected its portion with a total amount of 121.5 million US$ in cash last January, while the Egyptian government handed over three land plots in New Cairo, New Damietta and New Assiut with total area of 100 Feddans and with an equivalent value.
SECON is targeting three different spheres of clients by these three projects; an above-medium housing project in New Cairo, a touristic project in New Damietta and a medium housing project in New Assiut.
The Design Consultancy services for the three new projects had been awarded to three different Design Firms and the contracts were signed this month. It is expected to launch the works on the three projects simultaneously early in the second half of 2015 with total investments of EGP 2.5 billion.
SECON gained its clients’ respect and trust throughout all its projects because of the quality SECON provides and the ability to meet the delivery dates. This was explicitly shown since SECON has already received requests for reservations from (potential) customers; well in advance to the start of construction works, but we preferred to hold the reservations until everything is clear to ensure SECON’s consistency to meet the promised delivery dates.
The announcement of the increase of SECON’s capital and the launching of these three projects simultaneously with Egypt Economic Development Conference (EEDC) has a very important message to both local and international investors about the current atmosphere in Egypt, and showcases the positive and flourishing measures and actions taken towards the speedy remedy of the Egyptian Economy specially in the real estate sector.
SECON launched its new investments interactively with the positive investment atmosphere achieved as a result of the success of EEDC.
It is our plan to implement the green building concept in SECON’s new projects particularly to make use of the solar energy. We all are aware of the energy problems all over the world and it is our intention to comply with the Egyptian Government directions of using alternative energy solutions in order to facilitate the investment opportunities in Egypt.
In the same context, a new investment law to be activated shortly. The new law includes profound changes that aim at increasing the investment flows into Egypt.
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