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FINANCIAL NEWS
Egypt’s Samcrete invests EGP3.2b in real estate sector
15 Nov 2016
(MENAFN) Samcrete Development has invested EGP3.2bn in real estate sector, comprised of EGP2bn to be used for administrative complexes and EGP1.2bn for residential units.
Accordingly, the company achieved revenues of EGP28.78mn in 2015, noting that the paid-up capital funded by shareholders reached EGP450mn.
Moreover, 57.5 percent of Pyramids Heights Residences units have been sold, reaching almost EGP1.1bn for 358 units out of 600 units.
The firm has inked two construction deals with two construction firms; Construction and Design and Alsafa for Engineering and Contracting Co.
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