UAE’s Arabtec wins AED 405 mln contract for Emaar Egypt flagship

UAE-based Arabtec Construction has won a contract of AED 405 million ($110.26 million) – equivalent to 1.8 billion Egyptian pounds – for two new urban projects in Emaar Misr’s Uptown Cairo flagship.

The two projects involve the construction of 499 housing units in Uptown Cairo flagship, within a timeframe of 27 months, said Emaar Misr’s chairman Mohamed Alabbar said on Thursday.

Emaar Misr always looks to offer highly-distinguished residential communities to its clients, Alabbar said.

Emaar Misr, part of Dubai’s Emaar Properties, are well aware of the importance of investing in the Egyptian real estate sector given its solid opportunities supported by the country’s population growth and the economic stability, he added.