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FINANCIAL NEWS
Arabtec to launch 1st phase of USD40b Egypt housing project
19 Oct 2014
(MENAFN) UAE’s Arabtec announced it is planning to launch the first phase of its housing project in Egypt before the end of this year, Emirates 24/7 reported.
Arabtec, which first announced this project earlier this year, said that this project, which entail building one million homes in Egypt with an estimated worth of USD40 billion will be supported by both the Egyptian and UAE governments in an effort to ease the country’s housing shortage issue, with construction expected to begin as soon as the final agreements be concluded with the Egyptian authorities.
Arabtec, which will set up a group of companies to execute the first phase of the project, has previously said the first homes will be delivered in early 2017 with the whole project to be completed before 2020.
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