Global signs an agreement with the Ministry of Housing, Utilities, and Urban Communities for the construction of 44 housing buildings including 1,056 in New Obour City with a total investment cost of over EGP 350 mn, Invest-Gate reports.

Mohamed Kassem, Managing Director and Deputy Chairman at Global, states that the company won a bid from the housing ministry for the construction of 433 buildings comprising 10,392 units in the 16^th district in New Obour City.

He notes company completed drilling works for 28 buildings, while drilling of the other 4 is underway.

Replacement works were completed for 6 buildings, while works for other 10 buildings are underway, Kassem adds.

Kassem reveals that the company entered into contracts with the New Urban Communities Authority (NUCA) as the main contractor for all major projects in new cities.

The company completed 196 buildings in the 10^th of Ramadan City, 56 buildings in October Gardens, 187 buildings in New October, 39 buildings in Qena, and 79 buildings in Sadat City, he announces.

The top executive maintains that Owagik completed 2 projects (hospitals) in the 6^th of October City with investment costs of EGP 500 mn.