Latest in Tag: Construction Highlight

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Latest in Tag: Construction

Correction: SODIC registers EGP 477m net loss in 2013

The Daily News Egypt reported yesterday that real estate company Sixth of October Development and Investment (SODIC) reported a net profit of 229m, however, 2013 actually ended with a net loss of EGP 447m. “The company actually made a net loss. This [229m net profit] would have been the figures if not for the take-offs,” …

Sara Aggour

Ancient Heliopolis under threat

Caesar Augustus sent the obelisks from Heliopolis to Alexandria, from where they were moved to Rome, Paris and New York. This was the beginning of the looting of the ancient site of Heliopolis, a process that has continued to this day.

Daily News Egypt

France lends Egypt €940 million to complete third metro line

By: Hend El-Behary The French Development Agency (FDA) along with the European Investment Bank have granted Egypt a soft loan of €940 million for the construction and development of phase three of the third Cairo underground line, stated the Ministry of Planning and International Cooperation (MPIC). Minister Ashraf Al-Araby of the MPIC, in the presence …

Daily News Egypt

OCI Fertilisers demerger to come

Orascom for Construction Industries (OCI) announced yesterday that the General Authority of Investment and Free Zones (GAIF) approved OCI’s proposed valuation split methodology for the demerger of its construction group from its fertilisers group. GAIF approved on Saturday to split OCI’s standalone assets and liabilities on book value basis as at 31 December 2011, an …

Islam Serour

National Holding Company invests EGP 1.3 billion in Arab Countries

By Islam Serour The National Holding Company reported Saturday the contract values for its two affiliated companies, El-Nasr Company for Contractors and the Egyptian Contractors Company, amounted to EGP 1.363 billion in Arab countries, during the 2011-2012 fiscal year. According to the Holding company’s report, El-Nasr’s contracts in Sudan are valued at EGP 288.961 million. …

Daily News Egypt

Construction site in the New Minya district

New Minya offers lands to investors

The New Minya City Administration is preparing to offer several pieces of land designated for residential, commercial and leisure purposes in a sealed-envelope public auction next month.


Orascom Construction Q4 net falls more than expected

By Tom Pfeiffer / Reuters CAIRO: Egyptian group Orascom Construction reported a 34 percent drop in quarterly net income, missing expectations after being hit by debt restructuring and other charges. The company’s shares gained 2.6 percent as analysts welcomed its construction backlog, which continued growing at the end of a year of major economic disruption in …


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