SECON boosts capital by $245m

June 28, 2014 1:53 am

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.