Upper Egypt Contracting expecting profit boost
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Upper Egypt Contracting expecting profit boost

Upper Egypt Contracting expecting profit boost

Mokhtar el-Dahshoury, chairman of Upper Egypt Contracting (UEC), a builder of low-cost housing and hotels, expects to triple its profit over the coming two years as Egypt's construction market grows, Reuters has reported. UEC expects net profit to increase in the fiscal year that began on July 1 to EGP100m-EGP120m ($17.5m-$21m) from EGP69m in 2009/10. "We were in a recession in real estate but are heading towards a period when it will flourish," he said.

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