Around 500 companies working in the contractors sector will participate in Arabtec’s one-million homes project, stated Chairman of the Egyptian Federation for Construction and Building Contractors (EFCBC) Hassan Abdel Aziz on Monday.
Arabtec’s mega-project is expected to provide one million affordable units for low-income citizens in six years to spread in 13 different locations in Egypt, with cost of US$40 billion.
Arabtec Construction, L.L.C.- the leading construction company in the United Arab Emirates- agreed with Ministry of Housing, Utilities and Urban Communities to build one million houses in a project worth EGP 280 billion ($40 billion) as pursuant to the public-private partnership system (PPP). The project is planned to cover 160 million metres on land provided by Housing Ministry.
Abdel Aziz pointed out that choosing qualified companies to participate in this project was as pursuant to the EFCBC’s recent meeting with Arabtec representatives.
The chairman added that the selection of the 500 contractors was based on the geographic division of the project. Large number of contracting companies in different governorates has been qualified to join this project, Abdel Aziz elaborated.
The Egyptian official also stressed the selected firms’ capabilities to execute Arabtec’s project before the estimated deadline.
Moreover, the chairman clarified that EFCBC will meet with Arabtec representatives and the Egyptian partner in the project to finalise the list of companies to take part in carrying out the first phase. Chosen companies are supposed to start working in the first phase this year.