|01 September, 2016

Egypt's Moukhtar Ibrahim defers infrastructure project in Saudi Arabia

Company is deferring plans in a move to refocus on national projects

Image used for illustrative purpose. An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

Image used for illustrative purpose. An Asian labourer works at the construction site of a building in Riyadh, Saudi Arabia August 2, 2016. Image used for illustrative purpose.

REUTERS/Faisal Al Nasser
01 September 2016
Egyptian construction firm Societe Egyptienne D'entreprises (Moukhtar Ibrahim) is deferring plans to implement an infrastructure project in Saudi Arabia until 2017 in a move to refocus on national projects.

Fayek al-Banna, chief executive of Moukhtar Ibrahim, told Amwal Al Ghad that his company would focus on completing anticipated national projects, notably Egypt's new administrative capital for the current year.

The Saudi project will be the first for Moukhtar Ibrahim in the kingdom after establishing a new headquarters there.

Moukhtar Ibrahim was mandated to carry out infrastructure works on a planned comprehensive city in the Kingdom, in partnership with one of the Saudi investors, al-Banna added.

Asked about the Egyptian company's expansion plans abroad, al-Banna said Moukhtar Ibrahim seeks to win contracts for infrastructure and housing projects in Kuwait, worth around 2 billion Egyptian pounds ($227.7 million).

Moukhtar Ibrahim is also studying infrastructure projects in the Sudan, the Egyptian official added.

© Amwal Alghad 2016

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