Engineer Sherif El-Sherbiny, Minister of Housing, chaired the General Assembly meeting of the Arab Contractors Company, where the financial statements for the fiscal year 2023/2024 and the draft budget for 2025/2026 were approved. The meeting also endorsed an increase in the company’s capital to 10 billion EGP. The Minister reviewed the economic repercussions of the year 2023/2024, including geopolitical tensions, sluggish growth, rising inflation, and fluctuations in energy prices.
The Minister emphasized that despite the challenges, Egypt continues its efforts to contain the negative impacts of crises, contributing to economic stability, supporting growth, and controlling inflation. He highlighted the state’s focus on strengthening the social safety net for the most vulnerable groups through housing and infrastructure projects, especially within the “Decent Life” initiative.
Additionally, the state is prioritizing sustainability projects such as renewable energy and water desalination. Engineer Sherif El-Sherbiny noted that the Arab Contractors Company plays a pivotal role in supporting these plans and enhancing Egypt’s image abroad by executing projects in African and Arab countries.
The Minister stressed the importance of investing in young talents and efficiently utilizing resources to maintain the company’s leading position. The company’s performance results for 2023/2024 showed the execution of 121 projects, with a 12.77% growth in business value and an increase in equity without burdening the state budget, as 2.75 billion EGP were paid in capital increases over five years. Furthermore, the company contributed to creating 59,000 job opportunities. In conclusion, the Minister praised the company’s efforts in improving its performance and increasing its revenues, affirming the state’s support for sustaining its success in executing national projects.