The CEO of the National Company for Construction and Development (NCCD), Mahmoud Hegazy, said the amount of business implemented by 15 out of 21 affiliated companies is witnessing increased growth.
Hegazy said that the growth figures are EGP 319m, to reach EGP 6.6bn over the fiscal year (FY) 2013/2014 instead of EGP 6.3bn in FY 2012/2013.
During the NCCD regular general assembly meeting, affiliated to the Ministry of Investment, Hegazy said the business implemented varies between contracting, housing, electricity, among others.
Minister of investment Ashraf Salman was also present at the general assembly meeting on Sunday.
According to a Sunday Ministry of Investment press release, Salman said they aim to economically manage the portfolio of these companies through the public business sector companies affiliated to the ministry. This would give an added value to the national economy. It will also regularly follow up on the performance of companies, to monitor development and take action to improve performance.
“The upcoming phase requires extra attention given to the Egyptian worker, increasing his efficiency, training him, introducing him to updates in the field of their work, offering full care, which would help improve the business climate and increase production,” added Salman.
As per the release, companies affiliated to the NCCD signed new contracts for the fiscal year (FY) 2013/2014. The renewed contracts include contracts outside Egypt worth EGP 839m, so that the total value of contracts are now EGP 27.4bn, compared to EGP 24.3bn in the previous year.
Hegazy said that the NCCD-affiliated companies achieved investments worth EGP 770m compared to EGP 515m, with an increase of roughly 50%.
The general assembly of the company accredited the financial lists of the company for FY 2013/2014.
