Egypt's leading construction firm, Arab Contractors (AC) signed Monday a new contract worth US$400 million in Equatorial Guinea's administrative capital, Oyala, an official from the company said. According to head of AC's African sector Ashraf Rateb, the company will implement 100 housing units in Oyala, as pursuant to the US$400 million contract. The project will be implemented in two phases, in which Arab Contractors will carry out 500 housing units within one year maximum in the first phase, he noted. Moreover, Rateb further referred that all AC's developmental projects in the country enjoy the Equatorial Guinean government's financial support. Arab Contractors is capturing the lion's share of the number of mega projects in Equatorial Guinea, the Egyptian official stated. By early 2014, the Egyptian company has won contracts to carry out three giant projects in Equatorial Guinea. Rateb said one of those contracts involves the implementation of a major road project in Malabo, the current capital, at value of around US$53 million. The second contract includes the construction of a new commercial mall, at total approximate cost of US$44 million, he added. For the third giant project, Rateb said it is to establish new premises for the officers in the Guinean army, at total cost worth US$80 million.
