Egypt’s Civil Aviation Ministry has completed the procedures required for the establishment of an engineering contracting company with capital of LE 100 million, with the participation of four major companies specialized in the contracting sector.
The ministry obtained all the security and regulatory official approvals and formally submitted them to the General Authority for Investment and Free Zones to obtain a commercial register to start its activity.
According to sources with the Civil Aviation Ministry, EgyptAir contributed to the new company with 20 percent, and both the Egyptian Airports Company and Cairo Airport Company each contributed with 20 percent. The total share of the Ministry of Aviation is thus 60 percent of the total shares, according to the sources.
The sources revealed that the partner companies in this new entity are four companies, namely Orascom Company for Real Estate, Archirodon, Hassan Allam Holding, and ECC, with each owning 10 percent of the total shares.
The new company is specialized in the construction of the airport buildings and facilities, in addition to the implementation of projects for airports in African countries.
The source explained that a board of directors of the company was formed including experts from the joint companies to benefit from their potential.
The idea of establishing the new contracting company, in contribution with these private companies, aims at maximizing cooperation among them through the application of advanced unified mechanisms to improve the air transport system on the one hand and to generate an economic return in this vital sector on the other.
Edited translation from Al-Masry Al-Youm