“SECON is owned 50% by the Saudi government and 50% by the Egyptian government. It is and will continue to be a very good example of cooperation between these two governments and of cooperation between two Arab countries. The continuous support and help from Saudi Arabia to Egypt has been fantastic,” said Eng. Darwish Ahmed Hassanin, CEO of SECON.
“I hope that we have political and economic stability very soon and that we have security here – but this will come gradually, it will not happen overnight,” explained Eng. Darwish Ahmed Hassanin, CEO of Saudi Egyptian Construction Company (SECON).
“We would like to see modifications of the rules for getting licenses and improvement of the investment conditions for both foreign investors and Egyptian investors,” clarified Eng. Darwish Ahmed Hassanin, CEO of Saudi Egyptian Construction Company (SECON).
SECON has started a very important project that is worth 1.6 billion Egyptian pounds. It is called Secon Nile Towers, comprising of two high-rise buildings of 23 floors in the Maadi Nile Corniche area of Cairo.
“Both our real estate and our tourism investments are very important for us. Egypt is an excellent location for both areas of investment.”
“The highest demand for the next five years will be for middle-income apartments. In previous years, there was a lot of demand for luxury apartments and there were not enough apartments available for the middle to low income population. I think that this will occur in Cairo particularly and I am also expecting to see growth in southern Egypt,” noted Eng. Darwish Ahmed Hassanin, CEO of Saudi Egyptian Construction Company (SECON).
“Real estate investment represents a very important part of Egypt’s economic growth and we expect good growth for real estate for the following six months,” stated Eng. 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.
“Our target is to finish this project over the next five years. It will cover a total of about 25,000 acres, growing mostly wheat, corn, alfalfa and barley and a little bit more table grapes and dates,” reveals Daniel Leroux, CEO of KADCO Egypt.
AlexBank is the only private bank with a presence in every governorate of Egypt. “We are working to improve the SME business by offering new products and using the experience we have gained in Italy where the pillar of the business sector is SMEs. The Egyptian government and the business sector are all saying that the future of the country will be SMEs,” says Roberto Vercelli, MD & CEO of AlexBank.
