|10-19-2014, 06:42 PM||#1|
Arabtec to start $40bn housing project in Egypt
Arabtec, the top construction company in the Persian Gulf, is finalizing an accord with Egyptian authorities to start a $40 billion housing project in Egypt this year.
The mega project is expected to build one million residential units over five years on 13 plots of land that are currently owned by the Egyptian armed forces.
Up till now negotiations on how Arabtec would pay for the land is in talks and Egypt`s authorities accepted to provide sufficient land for the project in return for a share of the completed homes and public services such as schools, hospitals and mosques.
The first homes are projected to be delivered in early 2017, with the whole project to be completed before 2020.
“The company will not sell vacant land but affordable housing units, then it will deliver public services’ buildings to the Urban Communities Authority, who will in turn transfer their ownership to the concerned authorities,” said Khaled Abbas, Egypt’s assistant minister of housing for technical affairs.
At the opening today, shares of Arabtec Holdings climbed by 8.39% or 0.30 points ahead of its new mega project in Egypt.
Arabtec is known for its many major high-profile construction projects including the Burj Khalifa, Terminal 1 of Dubai International Airport and passenger terminal of Dubai World Central International Airport.
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