Assem El-Gazzar, the Minister of Housing, Utilities, and Urban Communities, presided over the General Assembly of the Arab Contractors Company on October 3, Invest-Gate reports.

During the meeting, the company’s financial statements as of June 30, 2022, were approved, along with supplementary clarifications and final accounts for the fiscal year 2021/2022.

Furthermore, the General Assembly approved the addition of two new activities to the company’s operations. These activities include road paving, petroleum product transportation, investment, real estate development, marketing, and advertising.

El-Gazzar explained that the General Assembly also approved an increase in the company’s issued and paid-up capital from EGP 8 bn to EGP 8.5 bn. This increase of EGP 500 mn was derived from the profits carried forward from the previous fiscal year, achieved during 2021/2022.

Additionally, the financial statements were ratified after the capital increase. Furthermore, the company’s draft planning budget for the fiscal year 2023/2024 was approved.

During his speech at the general assembly meeting, El-Gazzar emphasized the commitment to ensuring the continued success of the Arab Contractors Company and overcoming the challenges that hinder its progress. He highlighted the company’s significant role as one of the pillars of the Egyptian contracting sector.

Ahmed Al-Assar, Chairman of the Board of Directors of the Arab Contractors Company, emphasized that the company has maintained its regional presence by pursuing appropriate external projects and implementing several measures to enhance institutional performance.