Heliopolis Housing Awards EGP 7.4 mn for New Project

Thursday, 24th August 2017
by Menna A. Farouk

A general view of residential buildings under construction in El Katameya district of New Cairo March 30, 2013. Two years of upheaval have devastated much of Egypt’s economy. The Egyptian pound has lost about 14 percent of its value. But for the real estate industry, especially the upmarket part of it which caters to people with large amounts of savings, the weak pound is actually fairly good news. In addition to Egyptians, the weaker currency makes Egypt more attractive for investors from other Arab countries trying to escape instability at home, especially Libya, Syria and Sudan. Picture taken March 30, 2013. To match Mideast Money EGYPT-HOUSING/ REUTERS/Amr Abdallah Dalsh (EGYPT – Tags: POLITICS BUSINESS REAL ESTATE CONSTRUCTION) – RTXY6TX

Egyptian real estate company Heliopolis Co. for Housing and Development awards a contract for Utilco for Engineering and Contracting, Invest-Gate reports.

Under the EGP-7.4-mn deal, Utilco will carry out a tunnel project below the road leading to the International Medical Center.

The project will be completed within three months after the date of receipt of site.

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Menna A. Farouk 368 Posts

Menna A. Farouk is a Cairo-based reporter. She has contributed to several international news organizations, including Deutsche Welle, Al-Monitor and Global Voices.