MIDEAST STOCKS-Egypt gains marginally after $40 bln housing deal; Gulf mixed | Reuters

MIDEAST STOCKS-Egypt gains marginally after $40 bln housing deal; Gulf mixed | Reuters:



"* Huge housing deal lifts Egypt, Arabtec



* But execution is a concern



* Saudi developer Dar Al Arkan drops on no-dividend plan



By Nadia Saleem

DUBAI, March 10 (Reuters) - Egypt's shares rose slightly on Monday after a deal between the country's army and a Dubai builder for an affordable housing project worth 280 billion Egyptian pounds ($40.2 billion).



Cairo's benchmark index advanced 0.5 percent, recovering early-session losses and boosting 2014 gains to 17.6 percent.



Under a deal with Cairo's army-backed government, Dubai's Arabtec will build one million homes in a project that will cover 160 million square meters across 13 sites in Egypt for lower income individuals. 




"People are a bit skeptical on the project," said Mohamed Radwan, director of international sales at Pharos Securities.



Some analysts said executing the colossal project could be a challenge."



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