General contracting companies move to the Gulf and Libya to strengthen their financial capabilities
A source in the public business sector revealed that a number of general contracting companies, including Al-Nasr General Contracting and Mokhtar Ibrahim Al-Abd, are intensifying their participation in the tenders of the Arab Gulf countries, Libya and some other countries.
The source said for the "seventh day", that the public companies of the Holding Company for Construction and Development, suffers from weak liquidity, which negatively affects the payment of receivables contractors and businesses at the same time, in addition to the delay in the payment of salaries and entitlements of employees, and thus seeking to win foreign projects, Pumping liquidity in the companies and improving their financial situation, especially as some companies have had problems related to the refusal of some banks to grant letters of guarantee to participate in external tenders for the rise of bank debt.
According to the source, the companies are asking the government about one billion pounds, compensation, other than about 3 billion pounds, work carried out in other projects have not been paid to companies.
According to the source, the companies of the Holding Company for Construction and Development are working in projects in the UAE, Oman, Jordan, Libya, Sudan and Morocco, and are waiting for projects in Iraq.
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