Cairo - Mubasher: Saudi Egyptian Construction Co. (SECON) signed on Wednesday a EGP 600 million loan agreement with National Bank of Egypt (NBE) and Banque Misr to finance Nile Tower project.
The project consists of two towers; the first will be a five-star hotel managed by Hilton Worldwide and the second will be a tourist residential tower.
SECON was established in 1975 jointly by the Egyptian and Saudi governments, with issued capital $318 million.
The company’s latest capital increase was carried out last year equally between the two governments. It was in a cash form by the Saudi side with a value of $121.5 million, and in-kind by the Egyptian side in the form of three plots with a total area 97 acres in New Cairo, New Damietta and New Assiut.
