United Arab Emirates-based construction firm Arabtec plans to launch the first phase of a huge housing project in Egypt before the end of this year, the company said on Sunday.
In March, Arabtec announced it would build one million homes in Egypt in a $40 billion project backed by the Egyptian and UAE governments, as part of efforts to ease the country’s housing shortage.
Arabtec expects soon to conclude the final agreement with Egyptian authorities to begin construction, it said in Sunday’s statement. It would set up a group of companies to execute phase one and provide Egypt’s New Urban Communities Authority with “in-kind housing units and public services” in return for land and facilities needed in the project.
“The company will not sell vacant land but affordable housing units. Then it will deliver public services’ buildings to the Urban Communities Authority, who will in turn transfer their ownership to the concerned authorities,” Khaled Abbas, Egypt’s assistant minister of housing for technical affairs, was quoted as saying in the statement.
Arabtec has previously said the first homes will be delivered in early 2017 with the whole project to be completed before 2020.