One of the leading Egyptian construction companies, El-Mahmoudia General Contracting and Real Estate Investments, says it is currently looking at seven housing projects in Libya worth an estimated $120 million.
Saying that the company had decided to focus on Libyan and Sudanese markets, Osama Battah, a member of the company’s board in charge of technical affairs, told Egypt’s Al Mal that it was looking to increase its business activities abroad to compensate for the decline in the local market.
The company estimates the Libyan construction market to be worth over $70 billion. Of that, according to Battah, housing contracts are worth $30 billion.
(Source: Libya Herald)