(MENAFN) A housing development company owned by Egypt and Saudi Arabia plans to boost its capital by USD245 million, a four-fold rise, to build houses in Egypt, according to Arab News.
Saudi Arabia will add more than USD124 million to the Saudi Egyptian Construction Company (SECON), while Egypt will contribute 103.8 acres of land in three cities worth about the same amount.
Arabtec Holding, Dubai's largest-listed construction firm, agreed with the Egyptian army in March to build one million houses for lower-income households in one of the region's biggest projects valued at USD40 billion.
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