Egypt’s leading construction firm Arab Contractors will take part in UAE Arabtec’s Egyptian project to build one-million homes, chairman Mohsen Salah said on Sunday.
In a statement to Amwal Al Ghad, Salah affirmed that companies working in the Egyptian construction sector would compete to execute the UAE’s project, stressing that the company will join Arabtec to carry out the first phase which includes building 100 thousand residential units.
Salah further clarified that the Egyptian Ministry of Housing takes into account a set of specific standards in order to execute the project within a certain time frame, through assigning a profit margin for companies, identifying the proposed area of the housing units and appointing the amount value of the land.
Furthermore, Arab Contractor’s chairman noted that his company is aiming at expanding its local contractual agreements through joining the foreign companies to carry out a number of national projects. Thus, the company is seeking to reach a total business volume of 15 billion Egyptian pounds (around US$2 billion) by the end of the current fiscal year 2014\2015.