Saudi Egyptian Construction Company (SECON) announced that it had earmarked EGP2bn for investments in its real estate projects in Egypt in 2017. Investments will be directed towards the development of its ongoing projects, including SECON Nile Towers in Maadi, Riyadh SECON in New Cairo, Dorret Assiout in New Assiout, and SECON Resorts in New Damietta. The company had increased its share capital by USD243mn in early 2015 to reach USD318mn, whereby the Egyptian government had paid its share on an in-kind basis, through contributing three plots of land, while the Saudi government had made its contribution in cash (USD121.5mn). The company was established in 1975 with a joint capital of USD50mn, equally distributed among the governments of Egypt and Saudi Arabia. (Al Borsa)