UAE Minister of State Sultan Al-Jaber has told President Abdel Fattah Al-Sisi, during the latter’s visit to United Arab Emirates, that Arabtec’s 1m residential-unit project will commence with 120,000 units next month.
Chairman of Egyptian Steel Ahmed Abo Hashima, who attended Al-Sisi’s meeting with businessmen in UAE on Sunday, told state-run Al-Ahram that UAE stressed it will fully fund the project.
Arabtec earlier announced that it will commence with the first phase of its project before the end of 2014.
In March 2014, the Armed Forces, in cooperation with Arabtec, announced plans to construct 1m residential units for low-income youth on land provided by the Armed Forces. The contract marks one of the largest construction initiatives in the Arab region in the past three years.
The project, announced by Al-Sisi, then the defence minister, falls under the umbrella of the “For Egyptian Youth” initiative. The initiative, which Al-Sisi launched prior to announcing his presidential campaign, aims to address a shortage of low-income housing for young people.
The project will be implemented in four stages over the next five years. The $40bn project will be built at 13 locations across Egypt, with the first homes to be delivered in early 2017.
Arabtec will provide the New Urban Communities Authority (NUCA) with the housing units and public services. The ownership of the project will then transfer to the concerned authorities upon completion.
Source: Daily News Egypt