Cairo, 3 December:
Egypt’s El-Mahmoudia General Contracting and Real Estate Investments, one of the leading Egyptian construction companies, says it is currently . . .[restrict]looking at seven housing projects in Libya worth an estimated $120 million.
Osama Battah, a member of the company’s board of directors in charge of technical affairs, was quoted by Egypt’s Al Mal newspaper saying that the company was looking to increase its business activities abroad to compensate for the decline in contracts in the local market. He said that the company had decided to focus on the Libyan market as well as that of Sudan.
The company estimates the Libyan construction market to be worth over $70 billion. Of that, according to Battah, housing contracts are worth $30 billion. [/restrict]