Construction & Design (Constec) unveils its expansion strategy for 2021, which includes inking a plethora of contracting agreements for new projects worth EGP 3 bn, Invest-Gate reports.
According to the official statement, Constec’s Chairman Mohamed Idris says that the company has a backlog of works worth EGP 1.5 bn to execute in 2021, up by 90% as compared with EGP 800 mn works of 2020.
In view of COVID-19 pandemic, Constec took up a strategy of intensifying the execution of construction works in the existing projects, increasing completion rates with the aim of protecting labors at the work sites, as well as expediting the provision of ready-mades products. The company aims to go ahead with completing this strategy along with entering into new agreements, Idris explains.
“On top of surmounting coronavirus-induced hurdles that weighed heavily on the construction industry and caused many developers to delay and halt new contracting works, Constec sticked to the pre-set schedules while executing its projects undeterred by this world challenge,” the chairman states.
Constec is executing 10 projects and has up to 550 direct workers, as each project creates up to 6,000 jobs. Constec is interested in signing contracts with state-owned organizations in the mega national projects put up regularly by several bodies including the New Urban Communities Authority in 4th generation cities, new cities development projects, downtown Cairo and governorates.
The company has also set up a new department to handle desalination and water treatment projects, a national and strategic reorientation newly adopted by the Egyptian state. The company has teamed up with Italian IMIT Group in designing and executing a treatment plant in Al-Gharbia Governorate, a project funded by the European Bank for Reconstruction and Development.
Constec entered into agreements worth EGP 2 bn in 2020 and managed to fulfill obligations and finalize projects on time vis-à-vis all its clients, including companies and state-owned institutions.