Wednesday, 5 August 2015

Arabtec still in talks with Egyptian government over $40bn homes project | The National

Arabtec still in talks with Egyptian government over $40bn homes project | The National:



"Arabtec is still in talks with the Egyptian government to implement the first phase of a US$40 billion project to build one million homes, it said in a statement to the Dubai Financial Market.



The Dubai-based builder has been involved in months of negotiations to start construction of phase one, which includes building 100,000 low-cost homes in the cities of Obour and Badr to the east of the capital Cairo.



Plans spread across 13 sites were first announced a year ago by the Egyptian president Abdel Fattah El Sisi, with construction originally scheduled to start in the final quarter of 2014, taking just five years."



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