Constec clinches EGP150mln deal for Tatweer Misr's Fouka Bay
Ahmed Aziz: Up to EGP400mln works targeted in the first half of 2021
Eight banks provide credit facilities to Constec, including NBE, CIB, as we study the launch of new mechanisms to enhance cooperation
Construction and Design (Constec) clinched a deal for new worksvalued at EGP150mln to the benefit of Tatweer Misr at North Coast's Fouka Bay compound.
Vice General Manager at Constec Mr. Ahmed Aziz said that the works culminate a series of successful cooperation and building projects that brought the two companies together and signify punctuality and quality of projects executed by Constec, solidifying trust in Tatweer Misr and its keenness to assign new works to the company.
The works compriserevamping a hotel with 30-room capacity, constructing villas, together with performing finishing works for the entire phase due to finalize late 2021, he added.
Constec has been workingin the North Coast for six years side by side with leading developers, such as SODIC, which executed works for its own benefit in Caesar and Caesar Valley.
New contracts to be sealed down the road
"The company is currently executing projects, be they residential, coastal or service-related, for the benefit of majordevelopers. Further still, news releases will disclose new contracts to be sealed with one stellar company in the New Administrative Capital," said he.
Constec, with a business volume reaching EGP200mln in the first quarter of this year, strives to execute works estimated at EGP400mln in the first half of this year.
Moreover, Constec seeks to carry out works valued at more than EGP1bn throughout 2021.
Vice General Manager of Constec underscored that the construction sector grew substantially this year as compared with last year, as constructions and new launches are expected to emerge in the second half of this year.
Up to 400 workers are hired directly by Constec, and 15,000 workers indirectly, as the company is currently carrying out 10 projects.
In the span of 3 months, the company seeks to deliver the Arab League's administrative annex, part of which has been delivered late 2020 with the attendance of the Arab League's Secretary General Ahmed Abu El-Gheit, the Arab League Assistant Secretary General Amb. Hussam Zaki, and Iraq Republic's Minister of Foreign Affairs Fuad Hussein.
Constec is keen to cooperate with serious entities and companies which strive to adhere to quality and high-standard specifications and capable of adding value to the real estate sector, he highlighted.
Constec has obtained credit facilities fromeight state-owned and private banks, including the National Bank of Egypt, Banque Misr, CIB, Ahli United Bank, the Arab African Bank, he maintained.
The company is mulling the launch of new mechanisms for collaboratingwith banks, such as beefing up liquidity given to developers in order to enable them to disburse financial dues, speeding up the execution process and keeping pace with the market's construction rates.
Regarding work routine during the Holy month of Ramadan, he said that work has been divided into morning and evening hours in order to make sure projects are accomplished on time. SODIC's works, consisting of 100 units in the 6th of October City, will be delivered in Ramadan.
Constec has a 30-year track record, during which the company cooperated with eminent private and state-owned companies and executed groundbreaking projects, including Movenpick Hotel – now Steigenberger Hotel – Al Gioshy Steel, the first manufacturer of Fiber Glass in Egypt and the Middle East.
The company also helped Italy's Emmett Group build a treatment plant in Gharbia Governorate, one among other projects that were funded by the European Reconstruction Bank.
