Arabtec agrees on terms with Egypt for first phase of $40bn housing project

Story dated:Friday April 3rd, 2015,06 01:am

Arabtec has confirmed that it has finally reached a deal with the Egyptian government to begin the first phase of a US$40 billion project to build 1 million homes in Egypt.

Dubai’s largest listed builder said that the Egyptian government had given the green light to start work on its long-awaited plan to build 100,000 low-cost homes in the cities of Obour and Badr to the east of Cairo.

In a bourse statement on Thursday Arabtec, which is 36.11 per cent owned by Abu Dhabi government fund Aabar, said that it would be signing the final contract to build the homes with the new urban authority of the Egyptian ministry of housing “at the earliest opportunity”.

“The company confirms that it puts Egypt’s project among its top priorities as it is of great importance since it is considered one of the largest projects in the region,” Wassel Al Fakoury, the Arabtec group general counsel and a board member, said in the statement issued on the Dubai Financial Market website.