The Cairo-based Arab Contractors Company experienced a one billion Egyptian Pound ($235 million) fall in investments this year, from EP 5.5 billion ($1.2 billion) in 2000 to EP 4.5 billion (one billion dollars) in 2001, reported Al-Sharq Al-Awsat.
Chief Executive of the Company, Ismail Othman attributed the drop in investments to a shortage of liquidity and a general fall in investments in Egyptian markets. In addition, the company is still waiting for a payment of three billion EP in governmental debts.
Arab Contractors’ latest project, a double auto tunnel, was inaugurated last month under Cairo's Al-Azhar quarter, linking the city center to its ring roads. Each tunnel runs 2.5 kilometers long, and cost at EP 890 million ($210,4 million) to complete. The project was executed together with several French companies, including Campenon Bernard, Eiffage and Spie, according to AFP.
The state-owned Arab Contractors Company has been operating since the 1940's. The company’s national projects include the Aswan High Dam, Sixth of October Causeway, 10 Ramadan City, Sadat industrial City, Salhiya agricultural projects, the Courniche in Alexandria, the underground rail system in Cairo, the indoor stadium that hosted the African Games and the land reclamation of the vast deserts.
The company’s operates in more than 30 countries, including Algeria, Bosnia, Kazakhistan, Libya, Poland, Saudi Arabia, the United Arab Emirates and Yemen. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
