Mega Housing Project Talks with UAE’s Arabtec still Ongoing: Egypt

Egypt’s Minister of Housing Moustafa Madbouli has denied Sunday reports saying negotiations with the UAE’s Arabtec to create one million housing units in Egypt has been permanently dismissed.

A local newspaper has cited an Egyptian Housing Ministry official source who revealed that negotiations with the UAE’s Arabtec to create one million housing units had fallen through. The source said the Emirati company asked for the UAE’s financing of the project to come through loans from Egyptian banks, which was rejected by the ministry.

On the sidelines of the Arab Construction and Projects Forum held in Cairo on Sunday, Madbouli asserted that the negotiations with Arabtec over the mega housing project are still ongoing.

He added that the one million homes project is considered to be the largest project in the Middle East.