Construction and Design S.A.E (Constec) acquires new work for Tatweer Egypt in the Fouka Bay project in the North Coast, at a value of EGP 150 mn, Invest-Gate reports.

Ahmed Aziz, vice president at Constec, points out that the work includes restoration of a 30-room hotel and construction of villas, in addition to the finishing works of an entire phase. The project is scheduled to be completed by the end of 2021.

He notes that the company currently implements projects varying between residential, coastal, and service for major developers in the real estate sector. In addition, new contracts will be announced with one of the major companies for a new project in the New Administrative Capital.

Aziz explains that Constec aims to carry out works worth EGP 400 mn until the first half of this year, and that the volume of their businesses in the first quarter of this year reached EGP 200 mn. Constec aims to implement works worth more than EGP 1 bn during 2021. He notes that the company presently is implementing 10 projects.

He concludes that Constec has credit facilities from eight governmental and private banks, including Al-Ahly Bank and CIB. Also, the company is studying new mechanisms for bank-cooperation, including providing liquidity to cover real estate developers, until the payment of dues, which speeds up the implementation process, and keeps pace with movement and rapid construction rates in the market.

During the month of Ramadan, 100 units of works for SODIC will be delivered on 6th of October.