The Saudi Egyptian Construction Company (SECON) launched its newest project in Egypt, Riyadh-SECON, reported Daily News Egypt.


Riyadh-SECON will be established in New Cairo on an area of 68 acres, and the project’s investment worth is between EGP 2.8 and EGP 3 billion.


The first phase is set to include 44 residential building, which amounts to 40 percent of the whole project, stated Darwish Hassanain, CEO of SECON It is expected that the initial phase will be completed within 18 months.  The entire project should take three years to complete.


Assistant Minister of Finance of the Kingdom of Saudi Arabia and chairperson of SECON, Mohammed bin Hamoud, stated the Kingdom’s interest and commitment to inject new investment in Egypt and meet the real estate market needs.


Riyadh-SECON is one of three projects to be implemented by SECON. The other two projects will be in New Assiut and New Damietta. All three projects target customers of middle and above-average income.


The company has expressed interest in improving mortgage products to meet the requirements of middle and above-average income citizens, according to Mohamed Essam El Din Ramadan, SECON’s Deputy Chairperson.