RIYADH: Egypt’s Holding Co. for Roads, Bridges, and Land Transportation Projects is planning to establish a branch in Saudi Arabia after securing contracts for infrastructure projects in the Kingdom.
The decision to set up an office in the Kingdom was approved by Egyptian Transportation Minister Kamel Al-Wazir during the company’s general assembly meeting held on Tuesday.
Al-Wazir, in a statement to the Cabinet, emphasized the company’s expansion plans and its interest in exploring business opportunities, particularly in African and Arab countries.
He also expressed interest in broadening the scope of the holding company beyond its primary focus.
“There is a need to expand into activities other than roads and bridges, such as the establishment of concrete sleepers’ factories,” added Al-Wazir in the cabinet note.
The meeting also featured the group’s fiscal year 2023-2024 budget, stating that it had been prepared in light of predicted future trends, economic changes, actual performance over the previous two years, expected funding for affiliated entities, and price changes.
The company’s anticipated revenue was fixed at 988 million Egyptian pounds, according to the Egyptian Ministry of Transportation.
Furthermore, the firm procured new equipment exceeding 300 million Egyptian pounds.
It completed projects with a combined value exceeding 10.5 billion Egyptian pounds during its previous fiscal year, which concluded on June 30, 2022, along with its connected firms and different supporting entities.
During the meeting, the minister stressed the importance of executing undertakings according to quality standards and adhering to projected schedules.
Further discussions with the company’s management will be held in the coming future to follow up on the development and modernization plan and to conduct field inspections of ongoing projects.