Subsidiaries of the Holding Company for Construction and Developments (HCCD) have signed contracts worth EGP 3 billion for projects to be completed in a year and a half, according to Mohamed Hegazy, CEO of HCCD, reported Amwal Elghad.

The company has received orders from the government to work on national projects that include residential units, public facilities, and basic foundations, including the New Administrative Capital, in which companies are currently working on 1,230 acres out of a total of  3,000 acres in the first phase.

The company expects revenues of EGP 600 million at the end of the current fiscal year as a result of the increasing business conducted by the company.

Works is expected to commence on the New El Alamein City and Toshka projects, which will have the basic foundation constructed by Mokhtar Ibrahim Development Company and El-Nasr Building & Construction Co. (EGYCO). Construction works recorded a total of EGP 11 billion last year.

Hegazy has confirmed that all contracting companies are capable of handling major projects that will present the best quality of work and commitment to a strict schedule.