UAE-based Arabtec Holding on Thursday said it in the process of establishing a new Public Joint Stock Company (PJSC) to execute multi-billion dirham project in Egypt.
The company said in a statement to Dubai Financial Market on Thursday that it is engaged in talks with the Egyptian authorities to establish a joint stock company to build one million houses in the country.
The company announced on March 9, 2014, that it had signed a memorandum of understanding (MoU) with the Ministry of Defense and Military Production on behalf of the government of the Arab Republic of Egypt to develop and construct one million units of middle-income housing in various locations across Egypt.
This project is the biggest of its kind in the Region, with an overall development value of LE 280 bln (AED 147 bln; USD 40 bln). Through the developments, millions of Egyptians will have access to full-fledged communities, with public amenities such as schools, hospitals, parks and places of worship.
The company, the statement said, will disclose any developments in this regard in accordance with the laws and regulations in due course.