El Sherbiny: The company contributes to enhancing Egypt's image abroad by implementing development projects in African and Arab countries.
Eng. Sherif El Sherbiny - Minister of Housing, Utilities, and Urban Communities, chaired the General Assembly of the Arab Contractors Company this morning, where the company's financial statements for the fiscal year 2023/2024 and the draft planning budget for the fiscal year 2025/2026 were approved. The approval was also given to increasing the company's issued and paid-up capital from LE 9.250 billion to LE 10 billion, by an increase of LE 750 million.
During his speech at the company's general assembly, Eng. Sherif El Sherbiny stated that the economic repercussions of the geopolitical tensions and ongoing conflicts witnessed worldwide during the fiscal year 2023/2024. The most significant of these repercussions were the slowdown in growth rates and the continued high inflation rate, with a slower-than-expected rate of reduction, in addition to fluctuations in energy prices and disruptions to shipping and supply chains. Despite these challenges, the Egyptian state has continued its policy aimed at containing the negative effects of international and regional economic repercussions, achieving macroeconomic stability, boosting economic growth rates and controlling inflation rates.
The Minister added that the state has continued to strengthen the social safety net to achieve the greatest degree of protection for the most vulnerable families, which requires the implementation of housing and infrastructure projects, as well as developing villages through the presidential initiative “Decent Life” projects, which aims to improve the living conditions of the Egyptian citizen. The state has also focused on establishing projects that achieve sustainability in the use of renewable energy - water desalination - safe disposal and recycling of waste - and environmental compatibility projects.
Eng. Sherif El Sherbiny added that the Arab Contractors Company is considered one of the important investment arms for implementing development and growth plans in the Egyptian state, and contributing to enhancing Egypt's image abroad by implementing development projects in African and Arab countries. Therefore, the company must work continuously to support its young, qualified cadres. Moreover, the company should exploit its capabilities and energy efficiently and effectively to maintain its leading position in this sector, especially that the company has accumulated experience and a record full of achievements, as the company’s business results during the year 2023/2024 showed the implementation of (121) projects, and a growth in the value of the work implemented at a rate of 12.77% compared to the previous year, and an increase in the total equity of the company and the continued increase in the company’s paid-up capital from the results of its work, so that the total amount paid from the increase in paid-up capital during the previous five years reached
LE 2.75 billion, without any burden on the state budget. In addition to the company's financial results, it also contributes to job creation, employing approximately 59,000 workers.
At the end of his speech, the Minister praised the company's efforts to improve its performance, increase its revenues, and maintain its leading position domestically and internationally. He emphasized the state's commitment to the company's continued success and sustainable growth, as it is one of the most important state-owned companies implementing national projects throughout the country's successive economic and social development plans.