UAE, Egyptian firms form joint contracting venture

UAE, Egyptian firms form joint contracting venture

Two UAE and Egyptian companies said they have signed an agreement to form a large joint contracting venture to set up projects in the region.

Abu Dhabi-based Bin Wanis General Contracting, Maintenance and Property Management Company and Egypt's Concord for Engineering and Contracting signed the deal in Cairo on Thursday, they said in a statement published by Addustour and other Egyptian newspapers on Friday.

The new venture aims to “expand business by the two companies in the Arab and African markets,” the statement said.

“The emphasis will be on giant projects in various sectors in those markets,” Concord’s Chairman Ahmed Al-Abed said after signing the agreement.

According to the statement, the new venture 'Concord Emirates Company; will be launched within four months and will focus on construction, roads, rail and tunnels in the UAE, Egypt and Africa.

(Writing by Nadim Kawach; Editing by Anoop Menon)

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