Egypt, Dubai’s Arabtec to renegotiate terms for USD40b plan

06 Mar 2015

(MENAFN) Arabtec’s chairman is set to meet officials of Egypt’s housing ministry to renegotiate terms of USD40 billion housing plan, Arabian Business reported.

Egypt’s housing minister is in talks with Dubai-listed Arabtec in hopes of reaching a final deal on a plan to build a million homes before a March 13-15 investment conference.

The Egyptian housing project is a part of economic and political support to Egypt by the UAE, which has provided billions of dollars in aid to Cairo since the Islamist President was ousted in 2013.

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