News Column

Arab Contractors has suspended investments worth EGP 610m in Libya until situation stabilises

August 6, 2014

Abdel Razek Al-Shuwekhi

The Arab Contractors company has investments in Libya totalling up to EGP 610m, according to company chairman Mohamed Mohsen Salah, who added that the projects being implemented by the company include building sewage plants, dams and drinking water projects.

According Salah, the company's projects in sanitation, drinking water and drains are worth EGP 300m in the border city of Ghadames, while the cost of increasing the coastal road by a length of 70 kilometres along the city of Tobruk costs EGP 250m.

Dam and concrete projects in the city of Sirte are worth EGP 60m.

According to Salah, since the start of clashes and instability in Libya, work has been halted and 34 of the company's workers have been evacuated for safety, while 15 remain there, including the branch manager of the company. Salah added that the company is keen to maintain a permanent presence and watch over its property, and is keeping in constant contact with the remaining workers to ensure their safety and return them to their countries if the situation deteriorates.

23 Egyptians were killed in Libya last week as a result of the shelling of a Tripoli home housing Egyptian workers.

According to Salah, once security and stability return to the country, the workers will return again, and work "will be doubled" to compensate for the downtime.


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

Source: Daily News Egypt

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters