The executive director of Construction and Design (CONSTEC), Ashraf Abdel-Hakam, said that the company is willing to establish projects worth EGP300-500m during fiscal year (FY) 2017/2018. Almost 2,000 construction companies were shut down because of the reduction of projects, which in turn were a result of the rise of costs, he said. Abdel-Hakam believes that the New Administrative Capital would create thousands of jobs and will have positive economic and social aspects. Construction companies are preparing to start the project by upgrading their machinery and training their workforce. He also said that the banks and financial institutions have to provide finances for the projects in order to finish the projects as swiftly as possible.

Source: Daily News Egypt May 03, 2017 17:48 UTC