Eng. Sherif El-Sherbiny, Minister of Housing, Utilities, and Urban Communities, chaired the General Assembly meeting of the Arab Contractors Company today. During the meeting, the company’s financial statements for the fiscal year 2022/2023 were approved, along with the proposed budget for 2024/2025. The assembly also agreed to increase the company’s authorized capital from EGP 10 billion to EGP 15 billion and the paid-in capital from EGP 8.5 billion to EGP 9.25 billion, an increase of EGP 750 million.
In his address, Eng. El-Sherbiny highlighted the economic challenges faced during the 2022/2023 fiscal year, including inflation, rising interest rates, and energy price fluctuations. Despite these hurdles, Egypt adopted balanced policies to mitigate the effects of these challenges, focusing on increasing wages, pensions, and social protection measures. The government also continued with key projects such as the “Hayah Karima” initiative for rural development, the “Housing for All Egyptians” initiative, and improvements in drinking water, sanitation, and infrastructure.
El-Sherbiny emphasized the vital role of the Arab Contractors Company in implementing Egypt’s development plans, both domestically and internationally. The company completed 135 projects in 2022/2023, achieving a 19.6% growth in project execution compared to the previous year. The minister reiterated the state’s commitment to the company’s continued success and its role in national development.