Egypt's Arab Contractors to expand investments in Africa

Egypt's Arab Contractors Company (AC) aims to expand its business in east and west African countries by more than $3 billion, state news agency MENA reported on Sunday.

According to MENA, the business portfolio of the leading construction company in the Middle East and Africa is currently worth around $2.7 billion in 18 African countries, with $1.7 billion in Equatorial Guinea alone.

Ibrahim Mabrouk, head of AC's east and west Africa department, told MENA that the company has been promised by Guinean President Teodoro Obiang to carry out several projects involving infrastructure, road networks and 1,000 housing units in Oyala, the future capital of the west African nation.

AC has been working on 35 projects in Equatorial Guinea, with most of them in Malabo, the current capital, and Bata, the country's largest city.

AC's announcement comes ahead of the African Union's upcoming 23rd Ordinary Summit in Guinea, where Egypt's newly-elected President Abdel-Fattah El-Sisi is scheduled to give a speech.