Arabtec says plan for $40bn Egypt housing scheme well advanced
Dubai construction company Arabtec is close to completing the planning and design stage of its $40-billion deal to build one million homes in Egypt.
Arabtec originally announced in March that it had agreed with the Egyptian army to build the homes at 13 locations around the country on land provided free by the armed forces. Construction was to start in the third quarter of this year, with the first homes to be delivered in early 2017 and the whole project to be completed before 2020.
The project would not only mark a huge expansion of Arabtec’s business but also boost Egypt’s struggling economy and help to resolve a housing shortage that has become a major source of political discontent.
In a brief statement to the Dubai stock exchange, Arabtec denied a recent media report suggesting it was no longer as committed to the Egyptian project.
It said: “We would like to inform you that the Company has made positive progress and results in its discussions with the concerned authorities in Egypt in order to commence the project as soon as possible, which will reflect positively on the Company and its shareholders.”