June 16, 2019

On the 5th Builders of Egypt Forum 2019...the Prime Minister called for JVs between the contracting companies in the African countries

Prime Minister Dr. Moustafa Madbouly witnessed on Sunday the opening session of the 5th Builders of Egypt Forum which is held under the auspices of President Abdel Fattah El-Sisi. The forum is held under the title of “Exporting Egyptian Contracting and Real Estate: A New Future for Investment”. This was in the presence of Major General Mohammed El Aassar  - the Minister of Military Production, Eng. Hesham Tawfik - the Minister of Public Work Sector, Dr. Assem El Gazar - the Minister of Housing, Utilities and Urban Communities, Eng. Kamel El Wazeer - the Minister of Transport, Eng. Hassan Abdel Aziz - Chairman of the Egyptian Federation and the African Union for Building and Construction Contractors; and the participation of Eng. Mohsen Salah -Chairman and CEO of the Arab Contractors Company and a great number of executive leaders representing mega companies of contracting, real estate investment, financing and banking institutions. At the beginning of his speech the Prime Minister stated President El Sisi greetings and wishes of success for this important forum with the participation of our brothers from the African continent and the Middle East region which is within the framework of the mutual keeness to achieve more cooperation and integration. The Prime Minister call the Egyptian contracting companies to benefit from the various successful experiences of the state owned, public or private sector’s companies in regards of establishing strategic joint ventures with its local partners in the African countries. it is a very important point which should be considered by the companies to be able to achieve more existence in these markets. On the other side, the firum has many specialized sessions over the day, the speakers were Eng. Mohsen Salah -Chairman and CEO of the Arab Contractors Company, Eng. Mohammed Shoaib - Vice Chairman of the Holding Company for Building and Construction, Eng. Ahmed El Abd - Chairman of Concord Company for Engineering and Contracting, Eng. Tarek El Gamal  - Chairman of Redcon Company for Construction and Eng. Ahmed Afifi - Head if the External Relations in the Egyptian Federation for Building and Construction Contractors. They discussed the visions of the companies for exporting contracting to the African countries, seizing the opportunities of reconstruction in the Arab countries and the business opportunities in it. At the beginning of his speech Eng. Mohsen Salah stated that the Arab Contractors Company is one of the pioneering companies working in the Gulf region, African countries and Africa since many decades and had successful experience in participating the local businessmen to gain distinguished business opportunities in these countries. He pointed out that the company has a strengthful support from President Abdel Fattah El Sisi to gain Tanzania Dam due to his good and fruitful relation with the Tanzanian President John Magufuli; besides the support of the government of the Prime Minister Dr. Moustafa Madbouly for the Arab Contracting Company and the Egyptian companies abroad.

Eng. Salah declared that the last period witnessed a great recovery in the company work volume and its revenue due to the increase of the oil price. However, after the decline of oil prices, the number of the offered projects decreased. Consequently, the competition between the AC company and other companies has become fierce; that  5 to 6 companies from one country may compete for one project. Eng. Mohsen Salah asked the Egyptian banks to support the Egyptian companies and financing them to acquire new works abroad as the competing companies do. These companies got the required funding from the banks of its countries to submit to these projects and acquire it easily. Besides, the Chairman of the Arab contractors Company asked to think out of the box, through cooperation between the contracting companies and different companies to gain works, having mutual benefit, exploiting the natural resources existing there through the export of meat, timbers...etc. as one possible solution for competition there.