Cairo – Mubasher: Arab Contractors Company foresees reducing its work capacity outside Egypt to $2.5 billion from $5 billion through the next two years on the decline of oil prices, said Mohammed Mohsen Salah El Din Chairman.
“Declining oil prices lead to narrowing the company’s works in Gulf region and Africa,” said Salah El Din.
The value of the company’s operations in Saudi Arabia and Kuwait amounts to SAR 1 billion ($266.5 million) and KWD 600 million ($1 billion) respectively, added Chairman.
Meanwhile, the company’s operations in Iraq amounts to $400 million and was not affected by the political turmoil there, said Salah El Din.
The company’s projects in Lebanon worth not more than $25 million, stated Salah El Din.
