Master Group awards contract to Saudi firm

Saudi Kenaaz United Contracting Company to complete the construction works of the second phase of its residential project in the New Administrative Capital

  
Image used for illustrative purpose. Asian Labourers work at the construction site of a building in Riyadh, Saudi Arabia August 4, 2016.

Image used for illustrative purpose. Asian Labourers work at the construction site of a building in Riyadh, Saudi Arabia August 4, 2016.

REUTERS/Faisal Al Nasser

Cairo – Mubasher: Master Group has signed a contract worth EGP 600 million with Saudi Kenaaz United Contracting Company to complete the construction works of the second phase of its residential project in the New Administrative Capital.

The Administrative Capital for Urban Development (ACUD) has approved the resumption of construction works in the project, according to a statement on Monday.

The group has reached an agreement with ACUD to schedule the arrears of the land payment instalments in order to meet its obligations towards clients and complete the construction works, the group's Vice Chairman, Mostafa Lashin, said.

The City Compound has reached a completion rate of 40% of the total land area with expectations to reach 60% by the end of 2021 after signing the deal with the Saudi firm, he added.

Source: Mubasher

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