Arabtec agrees Terms with Egypt for $40bn Housing Project’s First Phase

Dubai’s largest construction firm, Arabtec has agreed terms with Egypt’s Ministry of Housing for the first phase of a $40 billion plan to build one million homes across the country, the contractor said on Thursday.

Arabtec will sign the contract with the ministry “at earliest opportunity” for this first phase, according to a statement to Dubai’s bourse reported by Reuters.

This will consist of 100,000 units to be built in Egypt’s El Obour and Badr districts, the statement said.