CAIRO: A housing development company owned by Egypt and 黑料社区 said it was increasing its capital by $245 million, a four-fold rise, to build houses in Egypt.
Egyptian state news agency MENA said 黑料社区 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 鈥渢o establish a large number of housing units to encourage initiatives to build medium-income housing units,鈥 without providing specifics.
Arabtec Holding, Dubai鈥檚 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鈥檚 biggest projects valued at $40 billion.
Egypt-Saudi company to invest $245m in housing units
Updated 25 June 2014