SECON CEO calls for investments in Upper Egypt, Sinai

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Tue, 06 Mar 2018 - 01:52 GMT

BY

Tue, 06 Mar 2018 - 01:52 GMT

One of Secon’s projects – Courtesy of the company’s website.

One of Secon’s projects – Courtesy of the company’s website.

CAIRO – 6 March 2018: Saudi Egyptian Construction Company (SECON) CEO Darwish Hassanein said that Crown Prince Mohamed bin Salman’s visit to Egypt witnessed signing agreements for joint Saudi-Egyptian investments.

Hassanein clarified that it was agreed to start development projects in South Sinai as a part of the Neom project, expecting to pump investments into a number of current giant projects in Egypt, such as the New Administrative Capital, New Alamein and the rehabilitation project of 1.5 million feddans.

He stated that the Egyptian market is characterized by diversification of investment opportunities and attractiveness of local and Arab capital.

The chief executive invited companies and investors to invest in Upper Egypt and Sinai, adding that investing in these areas provides benefits on the social and economic levels along with achieving the target profit for companies.

Saudi Crown Prince Mohamed bin Salman bin Abdul Aziz Al Saud, known as MBS, arrived in Egypt on Sunday for a three-day visit before travelling to London.

According to Egypt's Ministry of Investment and International Cooperation, the two Arab sides agreed to boost cooperation in the fields of mega investment and development projects.

The main agreement was an amendment to an earlier deal to set up a $16 billion Egyptian-Saudi investment fund between the Egyptian Ministry of Investment and International Cooperation and the Saudi Public Investment Fund (PIF) to inject Saudi investments in a number of projects across Egypt's governorates.

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