13 October 2019
Saudi Egyptian Construction Company (SECON) announced last week that it has obtained a loan of one billion Egyptian pounds ($61 million) from the National Bank of Egypt to complete its 2.3 billion pounds ($141 million) Nile Towers project, located in the Maadi district in Cairo.

The 23-storey twin-tower project features a 190-unit residential tower and a 250-key hotel tower that will be operated by Hilton, the company said in a statement.

The project would be completed in 2021, the statement added.

In a separate announcement, SECON said it has signed an agreement with the New Urban Communities Authority (NUCA) to manage and market a 417-acre residential project in Alexandria.

(1 US Dollar = 16.29 Egyptian Pounds)

(Writing by Eman Hamed; Editing by Anoop Menon)

(anoop.menon@refintiv.com)

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