News Column

Egypt : EGYPTS Arab Contractors to increase investments in Africa

June 24, 2014



Egypt'sArab Contractors Company (AC) intends to groe its business in east and west African countries by more than $3 billion.

The business portfolio of the leading construction company in the Middle East and Africa is at present worth around $2.7 billion in 18 African countries, with $1.7 billion in Equatorial Guinea alone.

Ibrahim Mabrouk, head of AC's east and west Africa department, stated that the company has been promised by Guinean President Teodoro Obiang to carry out several projects involving infrastructure, road networks and 1,000 housing units in Oyala, the future capital of the west African nation.

AC has been working on 35 projects in Equatorial Guinea, with most of them in Malabo, the present capital, and Bata, the country's largest city.

AC's declaration comes ahead of the African Union's upcoming 23rd Ordinary Summit in Guinea, where Egypt's newly-elected President Abdel-Fattah El-Sisi is planned to give a speech.

In the same way, the Egyptian company, which hires 77,000 workers in 29 countries, said recently that it's running investments worth around $110 million in Ethiopia, among them a 94 km international road linking the country with Kenya.

Previous week, Egypt recovered its AU membership after approximately a one-year suspension following the ouster of president Mohamed Morsi.


For more stories on investments and markets, please see HispanicBusiness' Finance Channel



Source: TendersInfo (India)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters