Arabtec agrees terms with Egypt for $40 bln housing project

Arabtec is set to build one million homes across Egypt. (File photo: Reuters)

Dubai’s Arabtec has agreed terms with Egypt’s Ministry of Housing for the first phase of a $40 billion plan to build one million homes across the country, the contractor said on Thursday.

Arabtec will sign the contract with the ministry “at earliest opportunity” for this first phase, according to a statement to Dubai’s bourse.

This will consist of 100,000 units to be built in Egypt’s El Obour and Badr districts, the statement said.

Last Update: 11:28 KSA 14:28 - GMT 11:28