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 £E100-120m ($17.5m-21m) from £E69m in 2009/10. “We were in a recession in real estate but are heading towards a period when it will flourish,” he said.