Arabtec Seals $36b Egypt Housing Deal
World Economy

Arabtec Seals $36b Egypt Housing Deal

Dubai-listed Arabtec has agreed terms with Egypt’s Ministry of Housing for the first phase of a EGP280 billion ($36.70 billion) plan to construct one million homes across the country, the builder said.
Arabtec will sign a contract with the ministry “at the earliest opportunity” for this first phase, according to a statement to Dubai’s bourse, Reuters reported.
This will consist of 100,000 units to be built in Egypt’s El Obour and Badr districts, the statement said.
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, before negotiations switched to being between the contractor and the housing ministry.
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, a source familiar with the matter told Reuters last month.
Arabtec did not provide any details on how many phases were in the project or when it might conclude terms on building the remaining 900,000 units.
Construction on the project had originally been due to start in the third quarter of 2014, with the first homes to be delivered in early 2017.
Abu Dhabi state fund Aabar owns 35 percent of Arabtec, according to Reuters data.
The Egyptian housing project is seen as part of economic and political support to the country by the United Arab Emirates, which has provided billions of dollars of aid to Cairo since Islamist president Mohamed Mursi was ousted in 2013.


Short URL : http://goo.gl/ikaO9M

You can also read ...

India is too poor to grow without exporting.
A trade war would bring forward the next financial crisis...
Online searches for “bitcoin” fell 82% from December highs.
Suddenly, Bitcoin seems a bit boring. It might be hard to...
Turkey’s January industrial output rose an annual 12%.
The International Monetary Fund on Thursday revised up its...
Global consumer confidence Primary Index in March has risen to 50.6, tying the record high set in January 2018.
Simmering fears of a global trade war; an embarrassing...
MSS Market in ASEAN Shows 22.3% Growth
The Managed Security Services market in ASEAN continued its...
Nippon Steel seeks a sharper edge in specialty products.
Nippon Steel & Sumitomo Metal will buy Swedish counterpart...
EBRD’s First Lebanon Deal
The European Bank for Reconstruction and Development has made...
Singapore Exports Fall
Singapore’s key non-oil domestic exports unexpectedly declined...