United Arab Emirates-based builder Arabtec on Wednesday denied a media report that it would only develop the first phase of a project in Egypt to build one million homes, Reuters reported. The company announced more than a year ago that it had agreed in principle with the Egyptian government to build one million homes in the country, but it has been seeking since then to finalize the deal. “There is no progress regarding the housing project in Egypt and therefore the company denies the news referred to above,” Arabtec said in a statement.
