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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.
InterviewOctober 08, 2014
The Saudi Egyptian Construction Company (SECON) to launch new real estate projects in Egypt in 2015
Darwish Ahmed Hassanin, CEO of Saudi Egyptian Construction Company (SECON)
- Written by Peter Matay
- Published: October 08, 2014
Interview with Darwish Ahmed Hassanin, CEO of Saudi Egyptian Construction Company (SECON)
The main capital of SECON was recently increased by 243 million US dollars and an agreement was signed between the representatives of the two governments in the presence of the Egyptian Prime Minister Eng. Ibrahim Mahlab. The total capital now is 318 million US dollars; half of which is provided by the Saudi government and the Egyptian government. The increased portion of capital from the Saudi government will be in cash and the other increase, which will be covered by the Egyptian government, will be in the form of land in different places in Egypt representing an amount equivalent to the Saudi government cash investment.
The area of the land that will be made available is around 100 feddans; it is distributed in three new settings: the Damiatta Area, the New Cairo Area and the New Assuit Area. Very shortly, in the beginning of next year, these three projects will start in these above-mentioned locations.
The project in Assuit will be medium class housing. In Damietta, it will be a tourist project with a location facing the Mediterranean Sea. In New Cairo, the project will also be for medium class housing.
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The Residential tower apartments in Secon Nile Towers are available for reservation. All information related to the project and SECON's contacts can be found on the project's site: http://www.seconniletowers.com/ where the e-brochure is available for download. |
Now we are in the process of bringing in the increased capital to complete the legal procedures and the primary designs on this new land and hopefully we will start the works early next year.
SECON NILE TOWERS
SECON has started a very important project that is worth 1.6 billion Egyptian pounds. It is called Secon Nile Towers, and is comprised of two high-rise buildings of 23 floors. The Towers will be located in the Maadi Nile Corniche area of Cairo. The first tower will hold a five star hotel operated by Hilton. The hotel will have 256 keys. The second tower will hold 190 apartments. This project began almost a year ago with the construction of the five star hotel. This will be SECON’s first construction activity regarding tourism.
The Residential tower apartments are available for reservation. All information related to the project and SECON's contacts can be found on the project's site: http://www.seconniletowers.com/ where the e-brochure is available for download.
ABOUT SECON
“The Saudi Egyptian Construction Company was established in 1975 by the Saudi and the Egyptian governments. It is split equally by both parties. The company was established for real estate investment in Egypt. Since 1975, we have been making excellent investments and we have been producing different kinds of apartments with the required standards for Egyptians and for Arabs.”
“Since 2008, we have also been investing in tourism. We consider Egypt to be one of the most important investment countries in the world. We have tourism attractions that attract visitors from all around the globe.”
“Both our real estate and our tourism investments are very important for us. Egypt is an excellent location for both areas of investment. We also feel that it is sensible to invest in different areas just in case one sector is affected by an economic situation. It is good to have another source of income in order to continue moving forward. We find that real estate investments are constantly experiencing fluctuations and so we went into tourism in order to make sure our investments overall are stable.”
-- Eng. Darwish Hassanin, CEO of SECON in Real estate investments in Egypt | The Saudi Egyptian Construction Company
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