Arab Contractors Company, Egypt’s leading construction firm, is set to complete 138 projects in by June this year. The projects involve the construction of roads, bridges, housing developments and water and sanitation stations.
In a statement issued in February, Arab Contractors announced that their net profit slumped 33.3% year on year in the 2012/2013 fiscal year (FY) to register EGP 336m, down from EGP 505m in FY 2011/2012. The company’s CEO Mohamed Mohsen Salah stated that the company’s business in FY 2012/2013 was valued at EGP 11.027bn, compared to EGP 11.02bn in FY 2011/2012.
The CEO added that the value of the firm’s offshore business reached EGP 2.85bn, registering a 4% increase from EGP 2.47bn in FY 2011/2012. Meanwhile, net profits of the offshore business marked a 39.25% decrease to reach EGP 113m.
A quarterly report from Gleeds Construction Consultancy Egypt noted that due the instability that plagued Egypt after the ouster of former president Mohamed, the construction sector has been negatively affected.
Minister of Housing, Utilities and Urban Communities Mostafa Madbouly says in order to boost projects in the sector, the New Urban Communities Authority (NUCA) will conclude the amendment of the real estate regulations draft within two months.
In a move that is deemed one of the largest construction contracts in the Arab region, the armed forces, in cooperation with UAE’s Arabtec Construction Company, has announced that it would construct 1m residential units for low-income youth.