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SECON boosts capital by $245m

: Saturday, June 28 - 2014 @ 01:53

Saudi Egyptian Construction Co (SECON), owned by Egypt and Saudi Arabia, has announced a four-fold rise in its capital, or $245m, to build houses in Egypt, Reuters has reported. Saudi Arabia would inject $124m dollars into SECON, while Egypt would contribute 100 feddans (103.8 acres) of land in three cities, worth about the same amount. The investment would be used “to establish a large number of housing units to encourage initiatives to build medium-income housing units,” Egyptian housing minister, Mustafa Madbouly, told reporters, without providing specifics.

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Saturday, June 28- 2014 @ 1:53 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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