A housing development company owned by Egypt and Saudi Arabia said on Wednesday it was increasing its capital by 5 million, a four-fold rise, to build houses in Egypt, in a further sign of support for the country from its key Gulf ally. Egyptian state news agency MENA said Saudi Arabia would inject $124 million dollars 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. Saudi Arabia and its Gulf Arab neighbours Kuwait and the United Arab Emirates have given more than $20 billion to help Egypt since the ouster of Islamist President Mohamed Mursi last July following mass protests, leading to the election of Abdel Fattah al-Sisi as president last month.
06-27-2014, 04:45 AM
Egypt-Saudi company to invest $245 million in housing units
العرض العادي
