imported 2024-03-17 17:43:08
“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.
The Egyptian government is now focusing on small scale industries as a mean of economic and social development. The country’s private sector is dominated by a plethora of small businesses such as farmers, furniture makers or restaurant-owners.
El-Sisi said in the beginning of May 2014 that people “should lower their expectations for change”; Egyptians should not expect “instant democracy or rapid economic reforms.” He further argued that shared sacrifice is a necessary condition.
“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,” explains Engineer Darwish Ahmed Hassanin.
“Our biggest success was in Libya from 2007 to 2010, where GCC participated in infrastructure projects throughout the country. We are currently doing similar projects in Saudi Arabia, Iraq, and Egypt. Our main focus in Egypt is the Suez Canal project,” notes Mostafa Al Hassan, Chairman of Global Consolidated Contractors (GCC).
“We work on promoting trade and investment between Egypt and the United States through serving our members and the entire business community and advocating on their behalf for a favourable business environment and fostering a socially responsible business environment.”
“The SCCT is a true success story for Egypt… There is no other container terminal on the Suez Canal on the Mediterranean end able to handle very large container vessels. Therefore, our main competitive advantage is our prime location. There are facilities close by on the Mediterranean but we stand out because of our size,” explains Klaus Holm Laursen, CEO of Suez Canal Container Terminal (SCCT).
“I think that mid-income and low-income housing is probably the safest bet right now; luxury homes have been in limbo over the past few years,” reveals Khaled Nasser, Regional Director of RE/MAX Egypt – the leading real estate agency in Egypt.
The Egyptian banking sector ticked off marked growth over in the last year, with aggregated assets rising by nearly 17 percent in local currency terms during 2013, according to the country’s Central Bank.
