CONSTEC to establish projects worth EGP300-500m during FY 2017/18

New Administrative Capital creates thousands of jobs, says CONSTEC executive director

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.
Abdel-Hakam expects that the targeted value of next year's projects might increase within the next months due to the possibility of the launch of new megaprojects by the government, especially developing the land area the company has lately purchased in the New Administrative Capital.
He said in a press statement issued on Wednesday that the size of the New Administrative Capital project, including construction and establishing the infrastructure, will lead to great recovery in the sector, which was facing hard circumstances throughout the last years as the hiking costs of establishing new projects reduced their numbers.
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 stated that the company allocated 15% of its annual budget to arrange training sessions for its employees and is also willing to hire more workers to create a state of competitiveness for the new capital's projects.
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.