Arabtec Says to Start Phase I in Egypt Homes Project before Year-end

UAE’s Arabeec Holding PJSC plans to start working on the first phase of its high-profile US$40 billion housing project in Egypt before the end of 2014.

In a statement published at Dubai Financial Market (DFM), Arabtec said it is making the maximum possible efforts, in cooperation with the Egyptian Ministry of Housing and New Urban Communities Authority (NUCA) to commence the construction of phase one of the ‘one-million’ housing project before the end of the current year. This was after concluding intensive talks and meetings within Egyptian authorities during the past period.

The project is part of ambitious plans to build a million homes over five years on 13 plots of land that are currently owned by the Egyptian armed forces.
“The company places the Egypt project among its highest priorities as it is one of the largest projects in the region considering that this project will contribute significantly in advancing the progress and prosperity of the company which consequently serves to achieve the best interests of its shareholders,” said Arabtec.
Arabtec had announced earlier in October that it was about to conclude the final agreement with the relevant authorities in Egypt to commence the construction of the one-million housing-unit project.