Egypt’s Holding Construction Company to Build $34 Million Pipeline in Abu Dhabi

24 May 2013 by OOSKAnews Correspondent
CAIRO, Egypt

Egypt’s Holding Company for Construction and Development (HCCD) on May 19 announced a new $34 million USD drinking water pipeline project in Abu Dhabi.

The work will be carried out by Mokhtar Ibrahim Construction Company, a subsidiary of HCCD, starting in June, according to HCCD Chairman Safwan al Selmi.

The pipeline will connect the cities of Al Falah and Banyas.

The company is also implementing another $115 million USD worth of major infrastructure projects in Abu Dhabi, including water and sanitation facilities and water reservoirs in Fujairah, Al Selmi said.

The projects will be completed in the next year.

Given the uncertainty in Egypt’s domestic markets as a result of political instability, the HCCD is looking to other Arab countries to make up for the decline in its revenues.

Egyptian government allocations for infrastructure projects have declined by 50 percent during the past financial year.

In particular, the company is pursuing projects in the Gulf region. It has been in negotiations with government agencies and investors in Kuwait on major infrastructure projects there, and has recently opened officesin Qatar, Kuwait and Iraq.

In addition, the company has $1.2 billion worth of investments in Oman, Qatar and Saudi Arabia.