Tag: SECON

  • NUCA commissions SECON to manage, market New Alexandria project

    NUCA commissions SECON to manage, market New Alexandria project

    The Saudi Egyptian Construction Company (SECON) signed a cooperation protocol with the New Urban Communities Authority (NUCA) to manage, market, and sell the first part of the New Alexandria City project, Mohamed El-Taher, CEO of SECON, announced.

    New Alexandria is located in the western desert extension on Lake Mariout, 6 km from Alexandria.

    El-Taher pointed out that the area that the company will be responsible for managing and marketing is an integrated housing project located behind Carrefour Alexandria, totalling 417 feddan, and provides all the basic services needed by any urban community.

    He noted that the project’s details will be announced in mid-November. “The company has implemented 45 projects in various governorates of Egypt, including about 24,000 housing units, of which six projects in Alexandria, which means that it has a strong presence in real estate development market in Alexandria,” El-Taher added.

    He noted that the New Alexandria was announced by President Abdel Fattah Al-Sisi recently, as a part of an ambitious plan to eradicate informal housing areas and create sustainable urban communities nationwide.

    This national project is the largest in Alexandria, through which about 60m sqm of informal housing areas will turn into habitable places, El-Taher said.

    He elaborated that the company has current investments in New Cairo with an integrated residential project on an area of ​​68 feddan, in addition to the company’s investments in its Upper Egypt project in New Assiut City on an area of ​​13.5 feddan. In addition, the company is also implementing a residential project on 17.7 feddan in New Damietta overlooking the Mediterranean Sea, besides the Bleu Vert in the New Administrative Capital over 70 feddan.

  • Secon launches Bleu Vert with EGP 10bn investments

    Secon launches Bleu Vert with EGP 10bn investments

    The Saudi Egyptian Construction Company (SECON) announced opening the door for reservations in its new Bleu Vert compound in the New Administrative Capital (NAC) last Wednesday, established with a total investments of EGP 10bn.

    The company, one of real estate development companies jointly owned by Saudi and Egyptian governments, said that the project spans over 70 feddan in one of the most distinctive areas of the NAC.

    Mohamed Abdel Hafez, head of sales at Secon, said that Bleu Vert is a luxury residential compound comprised of 2,000 residential units including apartments, twin houses, town houses, villas, and duplexes of various spaces.

    Abdel Hafez added that the project also offers all different commercial and recreational services to meet the customers’ needs.

    Mohamed El-Taher, CEO of the company, said that Secon obtained the plot of land in the first offering and was one of the first companies to apply for a distinctive piece of land in the New Capital.

    The company believes in the feasibility of investing in the New Capital as a megaproject and the necessity of having the company in the most attractive areas as part of its expansion strategy in the Egyptian market, El-Taher noted.

    He elaborated that the company has current investments in New Cairo with an integrated residential project on an area of ​​68 feddan, in addition to the company’s investments in its project in Upper Egypt in New Assiut City of on an area of ​​13.5 feddan. That is in addition to the company’s investments in north Egypt in a residential project on 17.7 feddan in New Damietta overlooking the Mediterranean Sea.

  • Saudi-Egyptian construction company to begin selling its administrative capital’s units early October

    Saudi-Egyptian construction company to begin selling its administrative capital’s units early October

    The CEO of the Saudi-Egyptian Construction Company Darwish Hasanen, said that his company will offer new units in its administrative capital project (Bleu Vert) within the next couple of weeks, noting that his company has acquired the ministerial decree for the project.

    “Before the end of 2018, we will start construction. The process will take four years on three phases,” Hasanen told Daily News Egypt, adding that his company will construct the project alone without partners.

    DNE sat down for an interview with Hasanen to discuss the latest updates of the company’s projects in Egypt, as well as the recent developments that the Egyptian market is witnessing nowadays. The transcript for which is below, lightly edited for clarity:

    Have you decided the price of the new unites in your project in the New Administrative Capital?

    Actually, I cannot reveal the prices right now, we will have a board meeting shortly, and then we will announce the prices in details. However, the project’s investments are expected to reach EGP 6bn. We received a ministerial decree for the project.

    Would you please elaborate more about your new project in the administrative capital?

    About 70%of the project area will be residential buildings, while the other 30% will be residential villas. We will construct about 60 residential buildings and about 98 residential villas. Our buildings are fully finished and our villas will be semi-finished with three kinds of villas as followed, stand-alone, twin villas, and town house villas.

    What about the numbers of the ongoing projects? And the total amount of their investments?

    We have four ongoing projects, the first in New Cairo on 65 feddans, where we finished about 60% of the construction process, which include 120 housing units with a 1,983 apartments. We are about to finish the second phase from the three planned phases of the project.

    Our second ongoing project is in New Damietta. It is a housing-tourism project, where we finished about 70% of the construction process on 16 feddans land area. After a careful study with specialists we decided to construct a 4 stars hotel there and we agreed with Hilton to manage it with Hilton Garden In franchise, and it will contain 110 key between rooms and suites, we will begin establishing the hotel after six months.

    The third ongoing project is in Assiut on 10 feddans acre land area. We constructed about 55% out of 460 units of the total construction works of the project.

    Finally SECON Nile Towers, a mixed residential and hotel development, one of whose two towers is to be dedicated to a five-star, 256-room hotel complete with restaurants, business facilities, and a health club that will be operated under the Hilton brand. The second of its 23-storey towers will feature 190 housing units spread across 19 floors, all with deluxe finishing.

    In the New Damietta hotel, when will you likely inaugurate it? Why did you think of a hotel in this place?

    It is a 16-feddan tourism project in New Damietta with a four star Hilton Garden Inn, and multiple seaside residences and with a unique location near the seaport and the economic region, which makes it special also.

    It is expected to be finished construction wise in one and half years from now.

    In the Maadi hotel, when will you likely inaugurate it? What is the targeted percentage of occupancy? Why did you think of a hotel in this place?

    We are in a construction process of other hotel and a residential tower in Maadi, Cairo with EGP 2.3bn and we expect to finish construction during 2019. It will be a five star hotel with 256 rooms. We also agreed with Hilton to manage it.

    As well as promising to become an iconic feature of the El-Maadi skyline, the SECON Nile Towers project has one other very big claim to fame.

    Would you please give me a brief about the company’s history in Egypt?

    The Saudi-Egyptian construction company is one of the largest companies operating in the real estate market, which has been responsible since its inception to address all categories of customers and was to choose their sites the direct impact on continuity through the market is always moving and needs new variables.

    Being jointly owned by two governments gives us a great advantage when we are marketing our projects within the countries of the GCC because they trust our products and the contracts we offer

    SECON’s full name is the Saudi Egyptian Construction Company and is the joint property of the authorities in Saudi Arabia and Egypt. Established at 1975, SECON is one of the largest real estate companies operating in the Egyptian market and has also made a name for itself through its attention to detail and its focus on its customers’ needs

    How many projects have you constructed in the Egyptian market over the years?

    Over the past 44 years, SECON has nearly completed 40 projects widely including high rise building, compounds, and commercial buildings, our strategy was to spread all over Egypt from Cairo, up to Alexandria, passing through Southern Egypt in Assiut and in Damietta.

    Will you plan to have projects in Suez Canal Corridor, Alamein, or other new cities?

    Unfortunately, it is not in our present plan, due to our busy situation with other projects, but it may be in our near future plans.

    On May 2018, SECON received a high level delegation from the Ministry of Housing and the National Company for Housing from the Saudi Arabia to continue discussions related to boasting the bilateral cooperation, investment opportunities, and sharing experience, according to previous announcement of Hasanen adding that his company participated in important fairs in Saudi Arabia over the last period.

    Hasanen noted that the Saudi delegation who visited some of the company’s projects and met with officials from Egypt’s Housing Ministry, adding that his company still considering investing in Saudi Arabia to establish major projects, as the ones that they implemented in Egypt over the past 40 years.

    How do you assess the Egyptian business climate right now?

    I think we are running towards one of the best investment times for Egypt and confident in the progress already made and the promise of more to come.

    How do you see the new real estate taxation?

    The new real estate taxation system has a positive perspective because it is going to enhance the governmental incomes, moreover those kind of taxes is normal in most of the world.

    How did the flotation reflect on the construction industry?

    For sure flotation has affected the construction costs and budgets, but we totally recognise that it is essential for the economy’s growth of our country.

    How many offices do you have in Egypt?

    We have four offices in Cairo, Alexandria, Damietta, and Assiut.

    What about your CSR (corporate social responsibility) activities and future plans in this regard?

    Our company aim to spread wide with the country with its projects, putting into consideration the quality we seek to the client, the variety of cultures we address. 

    The commitment we make high quality products to acquire the client needs and requirements, and what we agreed for.

    The company’s chairperson of the board of directors is Abdulrahman bin Hamad al-Harhad, while the board’s vice president is Mohamed Essam el-Din Ramadan. The board of directors include Mohammed bin Faisal bin Muammar, Assem Abdul Hamid al-Butcher, Bandar bin Abdul Halim Taashkindi, and Sherif Selim, according to the company’s website.

  • SECON signs 6 new contracts for its first projects in the administrative capital, Al Riyadh SECON

    SECON signs 6 new contracts for its first projects in the administrative capital, Al Riyadh SECON

    The Saudi-Egyptian Construction Company (SECON) signed with consulting firm Distance Studio Consultants (DSC) a contract to implementation of the integrated designs for its first projects in the new administrative capital, according to CEO Darwish Hassanin.

    Hassanin said that the company is keen to take quick steps to implement the project and chose the DSC after the trade-off between several other offices where SECON aims to implement an innovative integrated architectural project on the latest architectural systems and construction in the framework of maintaining the quality of the company.

    According to, Hassanin, the company is preparing to submit request to the New Administrative Capital for Urban Development Company for the ministerial decision for the project in the beginning of November.  After that, the company will complete the project’s designs and the issuance of required building permits.

    He pointed out that the company aims to start implementation of the project in early 2018 on an area of 70 feddans.

    He noted that the company intends to pump about EGP 4bn as initial investments in the project.

    In another context, SECON CEO revealed that his company disclosed the signing of five contracts worth EGP 350m for the implementation of the finishes for first phase of the Riyadh SECON compound in New Cairo, which includes 60 buildings.

    Hassanin said that the company had earlier signed the contracts for the implementation of these buildings without including the internal finishes and preferred to be assigned to the executing companies to prevent any difficulties in coordination.

    He pointed out that the finishing works are scheduled to start soon after the completion of a large part of the construction work of the first phase.

    “It is expected to hand over the first phase and the second, which includes 84 buildings with a total of 1300 units by the end of 2018 to be completed about 70% of the project construction, which includes 120 buildings with a total of 1,897 units and is scheduled to finish the remaining work through 2019,” added Hassanin.

  • SECON to inject EGP 4bn in project in New Administrative Capital

    SECON to inject EGP 4bn in project in New Administrative Capital

    The Saudi-Egyptian Construction Company (SECON) intends pumping EGP 4bn in a project in the New Administrative Capital on 70 acres, according to CEO Darwish Hassanin.

    Hassanin added that, according to preliminary studies, the project will include about 65 buildings with a height of seven floors and a total of about 2,000 units with different models and spaces ranging between 140 square metres and 210 square metres.

    He noted that the company is preparing to begin selection procedures for the consulting office, which will carry out the design and master plan for the project.

    Furthermore, on Sunday, SECON signed five construction contracts with Al Rowad for Construction and Development (Al Rowad Group), El Karnak Company for General Contracting and Supplies, Al Shams for Contracting Prequalification’s, and El Akkad for Engineering Works, which won two bids. The five contracts were signed to implement parts of the second phase of the company’s new project, Riyadh-SECON, in New Cairo with a total value of EGP 250m.

    The five contracts have been signed to construct 21 residential buildings with a total of 255 apartments and duplex units, according to Hassanin.

    Both Al Rowad Group and El Karnak will construct four buildings with a total of 80 units and at a cost of EGP 50m.

    Meanwhile, El Akkad for Engineering Works will build eight of the project’s buildings, a total of 40 duplex units, at a cost of EGP 91m. Al Shams for Contracting will construct five buildings, with a total of 25 duplex units, at a cost of EGP 55.1m.

    “The number of buildings that the company has awarded to the construction companies totaled 84 out of 120, and the rest of the building tenders will be offered in other bids within three months,” Hassanin added. “ The company intends to complete the project within two years, despite the fact that the time-frame for the ministerial decision is five years, reflecting the company’s desire to speed up the implementation of the project.”

    The Riyadh-SECON project is located on 68 acres in New Cairo, an integrated residential complex for above middle-class housing that consists of 120 residential buildings, comprising 1,897 units of various sizes. It also includes five different apartment and duplex models with spaces ranging between 140 square metres and 190 square metres, including apartments and duplex units. The project is implemented in three phases with total investments of about EGP 2.5bn.

  • SECON intends to inject EGP 2bn in Egypt through 2017

    SECON intends to inject EGP 2bn in Egypt through 2017

    The Saudi Egyptian Construction Company (SECON) intends to inject over EGP 2bn into its projects in Egypt throughout 2017, according to the company’s CEO Darwish Hassanein.

    He added that the company will continue implementing its existing projects, including Nile Tours on Maadi Corniche, Riyadh Secon in New Cairo, Dorra Assiut in New Assiut, and Secon Resort in New Damietta. Moreover, he said that the company will also implement new projects, which it is considering now to select the ones that best match its criteria and bring added value to investments.

    The company raised its capital by $243m in 2015, boosting it to $318m. The Saudi government paid its 50% stake in cash in the amount of $121.5m. The Egyptian government, on the other hand, paid for its share by providing three plots of land of 97 feddans in New Assiut, New Cairo, and New Damietta.

    Hassanein said that the real estate sector is facing many challenges in the current period on the back of the flotation of the pound, which depreciated the value of the national currency. He explained that the decision was welcomed, but had negative repercussions.

    He stressed that the timing of important decisions is as vital as the decisions themselves. “If an important decision comes late, it will not lead to its desired purpose and could even create expendable problems,” he noted.

    He stressed the importance of calculating the exchange rate gaps for construction companies as soon as possible, as project costs are rising quickly.

    He added that calculating the gap will ensure the achievement of justice and economic development and benefits all parties, noting that delaying these differences will cause construction companies—especially small- and medium-sized companies—to suffer losses and impact their ability to complete their projects.

  • SECON has never stopped doing business, even in times of turmoil: CEO

    SECON has never stopped doing business, even in times of turmoil: CEO

     

    Darwish Hassanein, CEO of Saudi Egyptian Construction Company for Real Estate (SECON), said that the Egyptian real estate sector has been capable of achieving high growth rates during the past period, despite many challenges and consecutive changes since 2011. The sector has managed to regain the trust and confidence of several banking institutions.

    He pointed out that the sector is attractive for investment and has the ability to generate the highest revenues in comparison to the Middle East and the Arab region as a whole.

    Hassanein said that the sector will witness high growth rate in the upcoming period, given the current political and security stability, and an increasing demand on different types of housing units.

    The government’s efforts to take measures that support investment in the sector are believed to be one of the most important factors contributing to the increasing investments in the current and upcoming period, he added.

    SECON has never stopped doing business, Hassanein explained, even during the turmoil Egypt was going through. This is proven by the companies issued tenders to execute one of its big projects—the Nile Towers—after the 25 January Revolution, due to its confidence in the Egyptian market.

    The company has also signed a joint funding contract worth EGP 600m with Egypt Bank and Al-Ahli Bank to fund the project, Hassanein said. SECON’s current paid capital reaches $316m. This shows the trust the banking institutions have in the current financial and insurance status of SECON, he added, stating that it also emphasises how serious SECON is about the market, its belief in the ability of the real estate sector’s recovery, and in generating profits that cover the loans.

     

    Hassanein also said that the company enjoys liquidity, especially in its latest capital increase, which enables the company to fund the whole project without taking loans from banks.

     

    However, the basic feasibility study that was conducted before the increase in capital included financial and loans costs’ so the company decided to complete the project using it, he said, while taking advantage of the liquidity it has in funding new projects that help in offering more housing units, employing more people, increasing the profits of the company, and increasing the availability of financial resources for the country’s treasury through taxes.

    The Central Bank of Egypt confirmed that it had been ensuring the implementation of reform procedures to support the investment climate and control the increasing prices of the US dollar in the informal exchange markets, though these procedures were not enough, he added.

  • SECON, Hilton Worldwide sign contract to manage 4-star hotel in New Damietta

    SECON, Hilton Worldwide sign contract to manage 4-star hotel in New Damietta

    The Saudi-Egyptian Construction Company (SECON) signed a contract with Hilton Worldwide to manage a four-star hotel on the beach of New Damietta. The hotel will be part of SECON’s tourism residential project, with holds investments of EGP 120m.

    SECON’s CEO Darwish Hassanain said that the company has set up an integrated plan since the beginning of the year, targeting the development of its land portfolio, including the share paid by the Egyptian government in the form of land plots.

    Hassanain added that the hotel is part of the tourism residential project SECON Resort. The project will be implemented on an area of ​​17.7 acres.

    Hassanain pointed out that the project will shed light on New Damietta city as one of the important port cities.

    He noted that the hotel covers 8,800 sqm, with a capacity of 130 rooms and suites.

    “The company plans to inaugurate the hotel in mid-2018, and we selected Hilton to ensure the management of the project in accordance with international hotel standards,” Hassanain said.

    Hassanain previously told Daily News Egypt in an interview that his company has engaged with Hilton to manage the project, also ensuring that the hotel is in line with Hilton’s World Tourism criteria from the very beginning.

    He added that abiding by Hilton’s World Tourism criteria is the perfect way to avoid any difficulties in the hotel management, as well as avoid modification costs of any defects or errors.

     

  • Meeting between King Salman, Al-Sisi will result in major investments in both countries: SECON CEO Darwish Hassanin

    Meeting between King Salman, Al-Sisi will result in major investments in both countries: SECON CEO Darwish Hassanin

    CEO of Saudi Egyptian Construction Company (SECON) Darwish Hassanin said that the visit of Saudi Arabian King Salman bin Abdulaziz Al-Saud to Egypt will be followed by Saudi investments from the private sector as well as the government.
    Hassanin noted that the Saudi King’s timely visit bears several implications for the economy, as well as different political and strategic reasons. Saudi investors account for the largest number of Arab investors in Egypt, according to Hassanin. He pointed out that fluctuations in the market, in terms of oil prices and currency exchange rates, have caused Egyptians, especially those concerned with economic affairs, to look for the visit to prompt economic cooperation protocols that would strengthen ties built on economic integration between both countries.

    The number of Saudi companies established in Egypt amounts to about 3,600 companies, which includes investments worth $23.5bn since the end of June 2015. According to Hassanin, investments have been in the Egyptian market for years. They also cover several sectors, including banking, insurance, financial services, and advisory, training, real estate, tourism, manufacturing, communications, medical services, agriculture and land reclamation, as well as contributions from Saudi companies in Egypt’s national projects. These projects include the 1.5m acres project, which will drive comprehensive development in the proposed desert areas outside the Nile River Valley and the Nile Delta, as well as the establishment of agricultural communities and integrated industrial areas. Saudi companies take part in other major projects, such as the New Administrative Capital and the New Suez Canal. These projects contribute to Egypt’s national output and reduce high unemployment rates, according to Hassanin.

    Hassanin said that Saudi King Salman’s visit to Egypt also carries an important message that both Egypt and Saudi Arabia are the balancing force for the stability and strength of the Arab world. “I expect more investments in Egypt, whether from the private sector or the government, to be injected in Egypt,” Hassanin added.

    He noted that Egypt is very welcoming to Saudi investments and has many factors that attract investors, where businessmen can inject money in various sectors including real estate, tourism, and agriculture, supported by the high population that can implement these projects.

    “I call investors, particularly from Saudi Arabia to come to Egypt, where they can find the appropriate investment climate,” Hassanin added. “Let’s build these investments for the benefit of both countries.”

    SECON was founded in 1975, with capital of $50m. This capital was split equally between the governments of Saudi Arabia and Egypt. The company operates mainly in Egypt’s real estate and tourism markets.

    The company’s capital increased twice, most recently in 2015. The capital was increased to $318m. This latest increase of $243m was provided in equal measure between Egypt and Saudi Arabia. The Saudi government provided $121.5m, while Egypt paid its share in-kind with three land plots of about 100 acres in New Cairo, New Damietta, and New Assiut.

    Hassanin said that his company aims to achieve more this year than in 2015. The company increased its profit in 2015 by 65% on the overall profits and 85% on the net profit, compared to 2014. The company exceeded its budget forecast by 10%.

    Hassanin said the company will implement three projects on 97 acres that the company received as part of the in-kind share from the Egyptian government to increase the company’s capital. He added that all the designs for the projects are ready and awaiting the ministerial decisions to begin operations during the second half of 2016.

    He explained that the first project is the Riyadh SECON in New Cairo, which will be built on 68 acres with investments of around EGP 2.8bn-EGP 3bn. The project consists of an integrated compound and residential units for a high-income demographic. According to Hassanin, the project includes 1,928 residential units of five models and areas ranging between 145sqm and 195sqm. The first phase of the project includes 48 apartment buildings, as well as a variety of commercial services, including a shopping mall and shops, in addition to a social club, a mosque, and green areas. The implementation of the projects begins in the second quarter of this year.

    He explained that the project is to be implemented in three phases that will take place in sync.

    The foundation stone for this project, Riyadh SECON, was laid at the end of last month in the presence of Mohammed bin Hamoud, the assistant minister of finance of the Kingdom of Saudi Arabia and chairperson of SECON, and Major General Essam El-Din Ramadan, vice chairperson, in addition to members of the Board of Directors and Chief Executive Officer of the company, as well as Hussein Sabour, the advisory designer of the project, alongside a number of real estate investors.

    Hassanin said that the company planned the project so that buildings will save as much space as possible for greenery and landscaping.

    He pointed out that the company intends to begin constructing 44 buildings, which is about 40% of the project’s total capacity. He added, that the company has the attributed the implementation of those buildings to Egyptian Contracting companies that are members of the Egyptian Federation for Construction and Building Contractors, based on limited tenders. These companies include Alshams, Al Rabat, Al Karnak, and Port Said. The implementation will take 18 months, while the entire project will end within three years.

    Hassanin said the units in the project will be completed and aim for the highest quality, as the project is channelled to the middle-income wage earners. They will be marketed at moderate prices, despite the high-quality of designs.

    Hassanin explained that the company will start offering the first phase of the project during the Cityscape exhibition taking place this week.

    The second project is a resort in New Damietta. The project lies on an area of 17 acres. It will include a four-star Doubletree by Hilton hotel, which will feature 120 rooms. The hotel will be implemented on 25% of the land area. Hassanin said the company is undergoing discussions with the Hilton to include them in the design process.

    The rest of the area will be tourist residential units. The company will have two hotels; the first is a five-star hotel overlooking the Nile, in Maadi, with a capacity of 256 rooms. The second hotel is the four-star hotel in New Damietta on the Mediterranean near the port of Damietta and the new logistics zone.

    The third project will be in new Assiut, targeting media-income wage earners on an area of 12 acres.

    Hassanin said that SECON is currently conducting studies to rely on solar energy at a rate of 20% to 30% of the total energy required, being a clean and environmental-friendly energy that can limit pollution because it does not rely on generators. Solar energy also reduces the size of electric bills for users.

    Hassanein said the company will receive ministerial decisions for the projects within days. The company has applied for the decisions and paid all fees for the two projects. Riyadh SECON in New Cairo will be constructed an area of 68 acres with investments ranging between EGP 2.8bn and 3bn, and the Dora New Assiut on 13 acres. The company has yet to seek a ministerial decision for SECON Resort in New Damietta.

    “We are closely following major projects put forward in the current period, especially the New Administrative Capital and the development of the northwest coast in an effort to increase our investment,” Hassanin said, noting that the company is awaiting the right opportunity that suits its field.

    He pointed out that President Abdel Fattah Al-Sisi was able to achieve many accomplishments that carried the clear hallmarks of his great effort in order to improve the situation of Egypt in various fields, led by the Suez Canal Area Development Project.

     

  • SECON begins its Riyadh project in Egypt

    SECON begins its Riyadh project in Egypt

    Saudi Egyptian Construction Company (SECON) announced on Wednesday the launch of its new project, Riyadh-SECON, which will be established in New Cairo on an area of 68 acres with investments worth between EGP 2.8 and EGP 3bn.

    Assistant minister of finance of the Kingdom of Saudi Arabia and chairperson of SECON, Mohammed bin Hamoud, said the project proves the kingdom’s willingness to inject new investment in Egypt and meet the needs of the real estate market. The project also aims to accommodate a large number of Egyptian workers.

    SECON signed contracts with several Egyptian construction companies, Hamoud said. The company will implement another two projects in New Assiut and New Damietta, where their engineering designers are seeing to the final touches.

    All three projects target citizens of middle and above average income.

    SECON Deputy Chairperson Mohamed Essam El-Din Ramadan said the company is keen to improve mortgage products, and meet the requirements of middle and above average income citizens.

    SECON is keen to increase its investments in the Egyptian market, Ramadan said, describing it as a model of cooperation between the two countries.

    SECON CEO Darwish Hassanein said the company is about to obtain ministerial permits for its project and has begun the settlement of the project site.

    He explained that the project is to be implemented in three phases and will include 120  residential high rises.

    The company set up marketing offices at the project’s site so customers could view the site and observe the progress, Hassanein added.

    According to Hassanein, the project includes 1,928 residential units of five models and areas ranging between 145-195 sqm for above average income citizens.

    The first phase of the project includes 48 apartment buildings, as well as a variety of commercial services, such as a shopping mall and shops, a social club, a mosque, and green areas.

    The company intends to begin implementing 44 buildings, which is about 40% of the project’s total capacity, the CEO said.

    SECON has attributed the implementation of those buildings to Egyptian contracting companies that are members of the Egyptian Federation for Construction and Building Contractors, he added. The implementation will take 18 months, while the entire project will be completed within three years.

    Hassanein explained that the company will start offering the first phase of the project during the Cityscape exhibition scheduled for next week.

    The project is expected to accommodate 2,000 at the peak of its establishment process.

    The Riyadh project will be implemented on one of the three pieces of land granted by the Egyptian government under its share in the company’s capital increase.

    The increase was approved in early 2015 with $243m, divided equally between the governments of Saudi Arabia and Egypt, $121.5m each. The Saudi side paid its part in cash in 2015, while the Egyptian government granted the company three pieces of land in New Cairo, New Assiut, and New Damietta, on a total of 97 acres, as its share in kind.