Arabtec: Negotiations continue for stumbling UAE-financed housing megaproject in Egypt

UAE housing contractor Arabtec has said that negotiations are still underway with the Egyptian government to resolve differences over a one-million-condo construction project.

In a statement on Wednesday, the company said the first stage of the project, which involves the acquisition of land and the building of 100,000 housing units, were still under negotiation with the Egyptian Housing Ministry. Arabtec added that details will be revealed once a deal is reached.
The Engineering Authority of the Armed Forces (EAAF) signed a protocol with Arabtec in March 2014 for the construction of one million housing units distributed among 13 areas across Egypt, for a total cost of US$40 billion.

The presidency decided later in 2014, however, to replace the EAAF with the Housing Ministry. EAAF chief Kamel al-Wazeer told Al-Masry Al-Youm in March that the project was suspended due to disagreements with Arabtec over terms related to the workforce and materials involved in the project.

source:4-traders