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Minister of Housing presides over Arab Contractors' General Assembly

Businessmen Team news 17 February 2026 01:44 PM
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Minister of Housing presides over Arab Contractors' General Assembly

Engineer Randa El-Minshawi, Minister of Housing, Utilities, and Urban Communities, chaired the General Assembly of the Arab Contractors Company on Tuesday. The assembly officially approved the financial statements for FY 2024/2025 and the planning budget for FY 2026/2027.

El-Minshawi emphasized that the company’s roadmap remains tethered to presidential directives, specifically the "Haya Karima" (Decent Life) initiative aimed at modernizing rural infrastructure. She also signaled a strategic shift toward green infrastructure, urging expansion into water desalination and renewable energy to meet global environmental standards.

The assembly approved a 1-billion-pound increase in paid-in capital, funded entirely from company earnings. This brings the total capital increase over the last five years to 3.5 billion EGP, achieved without reliance on the state budget.

Key financials (FY 2024/2025):

Net Profit: 1.404 billion EGP

Total Equity: 14.336 billion EGP (up from 13.8 billion)

Workforce: 56,900 employees

Completed Projects: 66 major developments

Contract Backlog: 166.495 billion EGP (41.8% held internationally)

The Minister praised the firm’s role in enhancing Egypt's international image through projects across Africa and the Arab world. Despite a "high-risk, rapidly changing global environment," El-Minshawi noted that the firm’s steady growth and self-funding model serve as a successful blueprint for Egypt's state-owned enterprises.