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Thursday, 2 March 2017

Wadi Degla acquires Mediterranean Contracting Company, delivers 10k units

Wadi Degla Developments acquired Mediterranean Contracting Company Tuesday and is targeting the execution of EGP 14 bn worth of contracting agreements by Wadi Degla Holding contracting subsidiaries in the next seven years, Chairman and CEO Maged Helmy announced in a press conference yesterday. Helmy said the company’s “presence near to the New Administrative Capital [with Neopolis project in Mostakbal City]” makes it less probable that it will acquire large land plots there, but Wadi Degla still hopes “to be part of a consortium of developers to take a large land plot.” He added that the company only increased its prices by 10%, but that it awaits exchange rate stabilisation in order to adjust prices accordingly. “If we settle on EGP 15-16 to the USD, we will raise prices further,” Helmy said.

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