Egypt hopes for final deal with Arabtec before March Summit – minister

Egypt’s housing minister said on Thursday that talks with Dubai-listed Arabtec are continuing and that he hopes to reach a final deal on a plan to build one million homes before a March 13-15 investment conference in Sharm el-Sheikh.

Speaking to reporters on Thursday, Mustafa Madbouly said Egypt’s rights have to be preserved in any deal.

A source familiar with the matter told Reuters this week that Arabtec’s chairman would meet officials of Egypt’s housing ministry to renegotiate terms of the $40 billion plan.

Source: Reuters