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FINANCIAL NEWS
Arabtec, Egypt agree USD36.7b phase of housing project
05 Apr 2015
(MENAFN) Arabtec has agreed terms with Egypt’s Ministry of Housing for the first phase of a USD36.70 billion plan to construct one million homes across the country, Arab News reported.
The Dubai-listed company Arabtec will sign a contract with the ministry “at the earliest opportunity” for this first phase, according to a statement to Dubai’s bourse.
Arabtec agreed in principle a broader plan with Egypt’s army in March 2014 to build 1 million homes in 13 locations across the country on land provided by the armed forces.
The two sides agreed terms in February, but the contract which Arabtec subsequently received included less attractive terms for the company than it had approved.
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