An Egyptian company has won two projects for the construction of housing and commercial facilities with a combined value of around 57.3 million Egyptian pounds ($3.65 million), according to the firm.

The Egyptian Company for Construction and Development said in a statement on Cairo Bourse that it was awarded the two contracts by MOT for Investment and Projects, an affiliate of the Egyptian Transport Ministry on a sharing basis.

One project in the Northeastern town of Damietta has a value of 26 million pounds ($1.65 million) and involves the construction of houses, as well as administrative and commercial units, the company said, adding that it would own 55 percent of the project and the remaining 45 percent by MOT.

The second project in the same city has a cost of 31.3 million pounds ($1.95 million) and also comprises residential and commercial units, it said.

The company will own 48 percent of this project while 52 percent will be owned by MOT, it added.

(1 US Dollar = 15.69 Egyptian Pounds)

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@refinitiv.com)

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