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Egypt-Saudi company to invest $245m in housing units

Egypt-Saudi company to invest $245m in housing units

A housing development company owned by Egypt and Saudi Arabia said it was increasing its capital by $245 million, a four-fold rise, to build houses in Egypt.

Egyptian state news agency MENA said Saudi Arabia would inject $124 million into the Saudi Egyptian Construction Company (SECON), with Egypt contributing 100 feddans (103.8 acres) of land in three cities worth about the same amount.

According to MENA, Egyptian Housing Minister Mustafa Madbouly said the investment would be used “to establish a large number of housing units to encourage initiatives to build medium-income housing units,” without providing specifics.

Arabtec Holding, Dubai’s largest-listed construction firm, agreed with the Egyptian army in March to build one million houses for lower-income households in one of the region’s biggest projects valued at $40 billion.