Arabtec, SIAC JV wins $153m contract in Egypt
Contract to build two-tower, 22-storey SECON Nile Towers in Cairo
The Egyptian JV between Dubai-based Arabtec Construction and SIAC Industrial Construction & Engineering Company has been awarded a $153m contract to build the SECON Nile Towers at the Maadi Nile Corniche in Cairo, Egypt, according to a statement on the SIAC website.
The contract was awarded by developer Saudi Egyptian Construction Company (SECON), an Egyptian joint stock company established in 1975 between the governments of Egypt and Saudi Arabia.
The scope of work includes construction of two towers, a luxury residential tower and a hotel tower, each comprising 22 floors with two basements and two podium levels. The time frame is 36 months.
"Egypt is an important market for the group, and ranks highly in our expansion strategy," said Arabtec Holding PJSC CEO Riad Kamal.
"Although the country faced challenging times recently, the construction sector is healthy and active again. This is our fifth project secured since we started operating in Egypt in 2010.
"It presents another solid step in establishing the company as an important player in the Egyptian construction market, and strengthens the group's strategic plan for geographic expansion," said Kamal.