Egypt’s $40 billion housing construction project to launch by year-end
The planning and design stage of the Egypt’s US$ 40 billion housing project for one million homes was being finalised. Arabtec, UAE-based construction firm is set to launch the first phase before the end of 2014.
The construction is set to begin once Arabtec concludes the final agreement with Egyptian authorities. The company would set up a group of companies to see through construction of phase one of the project 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 whole housing construction project is expected to be complete before 2020 with Arabtec expecting the first homes to be delivered by early 2017.