Egypt's 'Arab Contractors' awarded major housing contract in Equatorial Guinea
The agreement was reached during a meeting between Egyptian Minister of Housing, Utilities, and Urban Communities, Sherif El-Sherbiny, and his Equatorial Guinean counterpart, Clemente Ferreiro Villarino, the Minister of State for Public Works and Urban Planning.
El-Sherbiny confirmed that the projects will be executed under the direct supervision of the Egyptian Ministry of Housing. 'Arab Contractors possesses significant capabilities and has carried out a number of distinguished projects in Equatorial Guinea,' the minister said. 'We will place the agreed-upon projects under our direct supervision, and their execution phases will be visited and inspected, just as is currently done with the Tanzanian dam, which is being implemented by the Egyptian-Swedish consortium 'Arab Contractors-Swedish Electric.' We will visit it tomorrow.'
El-Sherbiny added that 'Arab Contractors is working to expand its presence on the African continent to spread development and transfer expertise to our brothers in various countries where it operates.' The company aims to implement the Egyptian government's directives by contributing to infrastructure, housing, and other projects to high standards, creating job opportunities for citizens in those countries, and working alongside their Egyptian counterparts, thereby strengthening relations between Egypt and African nations.
Ahmed El-Assar, Chairperson of Arab Contractors, stated, 'Arab Contractors is present in 29 countries outside Egypt. Equatorial Guinea, in the west of the continent, is one of the most prominent success stories for Arab Contractors in implementing various projects.' He added that the company's projects have created a developing environment, and achieved international standards with the vision of development in Equatorial Guinea.
Arab Contractors – Equatorial Guinea Limited was established in 2003 as an Egyptian-Guinean partnership. Since its inception, the company has gained the trust of the political leadership and the Guinean government due to the quality of its work and its commitment to deadlines. As a result, the company has been awarded three presidential medals from Equatorial Guinea in 2008, 2012, and 2015. Arab Contractors has become one of the most prominent examples of the distinguished relationship between Egypt and Equatorial Guinea.
The company's total work volume since its establishment up to 2024 has reached approximately €1.5bn.
El-Assar pointed out that since its establishment, the company has implemented numerous projects, including:
The Nguema – Copoe Road
A road to reach the summit of Mount Pico, including the construction of a church and associated accommodation
The construction of 1,000 housing units in Fish Town, along with service buildings, roads, and drainage, water, and electricity networks
The main Sipopo Road
A meeting hall and a corniche overlooking the ocean, plus a helicopter landing pad
The construction of a drinking water treatment plant in Malabo, including supply and fire extinguishing networks for the city
The construction of two arrival and departure halls at Malabo International Airport
The construction of the King Akaliong Road
The upgrade of the Mitomo-Kojo Road
The construction of a camp in the Bata area
The construction of a sewage treatment plant in Malabo
The Azok-Akasi Road (60km long)
The internal roads of the Simo area (Phase 1: 26km, Phase 2: 11.5km) in Malabo
The construction of 13 buildings in the camp in Malabo
The construction of a camp in Mongomo
The urban development of 9 villages in Malabo and in the continental part of the country
The implementation of a medium-voltage power line
He confirmed that work is currently underway on projects in Malabo, including the internal roads of the Simo area (Phase 2) with a length of 11.5 km, including rainwater drainage. There are also ongoing projects to develop the general site of the Riaba farm area (Phase 5), the general site of the Alegri area (Phase 1), the construction of fences with a length of 650 metres, and the operation and maintenance of the drinking water treatment plant for the city of Malabo with a capacity of 21,000 cubic metres per day.
In the continental region of Equatorial Guinea, Arab Contractors is implementing a number of projects, including the construction of the Azok-Akasi Road (60 km long), the Imbini city road and electricity project (11 km long), the internal roads for the city of Kojo and the city of Kojo2 with a total length of approximately 21 km, and the Andong-Bedu Road.
El-Assar affirmed that Arab Contractors continues to expand its operations in Equatorial Guinea to achieve the vision of sustainable development in Equatorial Guinea and to strengthen bilateral relations in the field of construction and development.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
12 hours ago
- Zawya
Submissions open for 10th African Power & Energy Elites
Are you or do you know Africa's most impactful energy and water sector leaders, pioneers, and innovators? Well then, you can submit a nomination for the 10th African Power and Energy Elites: People and Projects. Known as The Elites, this annual initiative honours the changemakers transforming lives and systems across the continent – from expanding energy access to reshaping infrastructure through innovation, smart investment, and policy reform. The Elites 'The Elites is not an awards-based programme. It's a respected platform for visibility, credibility, and connection. We're calling on all stakeholders to help recognise excellence where it's happening,' says Nicolette Pombo-van Zyl, editor-in-chief of ESI Africa. Millions in Africa still lack reliable electricity and clean water. The Elites platform wants to bring attention to the innovators tackling these systemic challenges — from off-grid solar solutions and AI-driven utilities to clean mobility hubs and community-led water projects. The categories for the 10th edition are: - Leadership and Rising Stars. - Grid-tied and Off-grid Projects. - Smart and Digital Solutions. - Clean Mobility and Energy at Mines. - Water and Sanitation Innovations. - Finance and Investment Models. Open to individuals and organisations across the value chain — executives, technicians, developers, entrepreneurs, utilities, and beyond. Even self-nominations are encouraged! All submissions will be reviewed by a trusted Elites Advisory Board, evaluating innovation, relevance, and impact. Those featured will receive: - Editorial feature in a respected industry magazine (print and digital). - Exposure through ESI Africa, Vuka Group events, and digital campaigns. - Professional video interviews with project leads and leaders. - Social media promotion reaching thousands across Africa and globally. You can submit your nominations of individuals and projects building Africa's sustainable energy and water future until 28 September 2025. Submit your nomination here.
Fintech News ME
17 hours ago
- Fintech News ME
Egypt's MIDBANK Completes Core Banking Overhaul with Temenos
MIDBANK, a long-standing Egyptian financial institution, has completed a full overhaul of its core banking infrastructure, replacing its legacy systems with Temenos ' banking technology platform. The move marks a significant milestone in the bank's broader digital transformation strategy, aimed at modernising operations and enhancing service delivery across the country. Following an extensive evaluation process, MIDBANK chose to implement a suite of Temenos solutions, including its Core Banking system, Payments Hub, Financial Crime Mitigation, and Data Hub. The bank adopted a 'big bang' approach for the transition, decommissioning its previous systems and activating the new platform in a single step. Amr El-Garhy, CEO and Managing Director of MIDBANK, stated: 'We turned off the light on one system, and turned on the light on another. It was a bold decision, but we were well prepared. Temenos was attentive at the moments that really mattered. They stayed close to the project and showed genuine commitment to our success. Powered by Temenos, MIDBANK is well-positioned to shape the future of digital banking in Egypt.' The new system is already delivering tangible results, including shorter transaction processing times, improved internal efficiency, and better customer experiences. Looking ahead, MIDBANK plans to roll out digital banking channels using Temenos Digital and to explore artificial intelligence applications through tools such as the Temenos Product Manager Copilot. Santhosh Rao, Managing Director for the Middle East and Africa at Temenos, commented: 'MIDBANK's successful go-live is a strong example of how Temenos helps financial institutions modernise with confidence. Our proven delivery capability, combined with our innovative and adaptable platform, enabled a smooth and timely transition. MIDBANK is now equipped to deliver modern, efficient, and customer-centric banking services.' Temenos' existing presence in Egypt, its local partnerships, and prior experience in the region were instrumental in supporting the implementation. Key partners included ITSS for the rollout and DXC for testing support.
Zawya
a day ago
- Zawya
Nigeria: Real estate overtakes oil as third-largest contributor to Nigeria's GDP — Statistician General
Statistician General of the Federation, Mr. Semiu Adeniran says with the recent rebasing, Nigeria's real estate and sector currently accounts for a substantially larger portion of the country's GDP, increasing from of total GDP to 15.9 percent. Mr. Adeniran disclosed this in Abuja while addressing Stakeholders during the ongoing African International Housing Show (AIHS), with the theme: 'Re-imagining housing through innovation, collaboration and policy'. While stressing the need for urgent need to rethink Africa's housing landscape with fresh ideas, strong partnerships, and effective public policy, Mr. Adeola underscored the 'significance of reliable data in this regard is not in doubt. It guides policy formulation, fosters investor confidence, and supports sustainable solutions to the housing challenges on our continent. 'The housing sector acts as a cornerstone of economic development, creating jobs in construction, manufacturing, retail, finance, and beyond, while directly improving the quality of life for millions of Nigerians. 'With the recent release of the results of the rebasing of Nigeria's GDP, we have achieved a more comprehensive understanding of our economy, with the reference year having shifted to incorporate emerging sectors and capture recent economic dynamics, including the growing importance of real estate and housing within our national output. 'The rebased GDP figures reveal that the real estate sector now accounts for 10.7%, up from 6.2%, while the construction sector now accounts for 5.2% of total GDP. 'Combined, both sectors account for a substantially larger portion of Nigeria's GDP, increasing from 12.4% of total GDP to 15.9%. While this 3.5 percentage points increase may seem like a small increase, in value terms, we are talking about N14.6 trillion naira increase. 'This is highly significant by any measure and reflects the expansion of housing activities, from urban development to infrastructure projects, underscoring the sector's growing influence on national growth. Construction 4.2%, Real estate 7% – 2024. 'Growth in the real estate sector, which essentially involves the buying and selling of properties, including the management of the facilities, outpaced several traditional industries, contributing not only to GDP but also to employment, innovation, and value addition across supply chains. It is now ranked as the 3rd largest contributor to total GDP, overtaking Crude Oil and Natural Gas, due to the heavy involvement of informal operators in this economic activity. 'Nigeria's population has surpassed 200 million, with projections indicating continued rapid growth. The United Nations estimated that by 2050, Nigeria will be the third most populous country in the world, resulting in an exponential increase in housing demand. 'Urbanisation trends are accelerating—over half of the Nigerian population is expected to reside in urban centres within the next decade, fuelled by migration, youth demographics, and changing lifestyles. This urban influx intensifies the pressure on the existing housing stock and creates tremendous opportunities for new developments. 'Access to affordable housing, be it in terms of ownership or rent, is natural human desire and development objective. This is enshrined in the Sustainable Development Goal 11 (SDG11) of the global developmental agenda, which deals with ensuring access for all to adequate, safe, and affordable housing and basic services and upgrade of slums by 2030. 'Available data indicates that only 38.2% of urban dwellers own the houses they live in, making over 60% of those living in the urban areas so not own the properties they live in. This not only highlights the need for more housing but also underscores the significant opportunities and demand in the rental market. 'Investment in housing and construction generates powerful multiplier effects, stimulating demand for materials such as cement, steel, glass, tiles, and providing livelihoods for millions in manufacturing, trade, and professional services. 'Given these new realities in the housing space, the demand and opportunities that exist within the sector. The need for more granular and sector-specific data on housing, real estate, and construction is now more apparent than ever. 'Till now, the available data on housing have been generated through general household or firm-level surveys, where only little information on the sector is collected, analysed, and reported. With the increased contribution and relevance of the sector, more investment is needed to produce the data required to maximise the potential and exploit the opportunities within the sector.' Copyright © 2022 Nigerian Tribune Provided by SyndiGate Media Inc. (
