FINANCIAL NEWS

Egypt, Dubai’s Arabtec to sign USD40b housing project

20 Mar 2015

(MENAFN) Egypt’s housing ministry and Dubai’s Arabtec are set to sign on USD40 billion project to build one million homes across the country, a ministry spokeswoman said, Arabian Business reported.

The housing minister said he hoped to conclude a deal for the mega development – seen as part of economic and political support to the country by the UAE- before a March 13-15 investment conference.

The two parties differed over the percentage of completed units that Arabtec should deliver to Egypt in lieu of payment for land used in the project, a source told Reuters on March 3.

The construction of the housing had originally been due to start in the third quarter of 2014, with the first homes to be delivered in early 2017 and the project to be completed before 2020.

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