Construction of the first phase of Arabtec of the UAE’s AED 146bn ($40bn) joint venture housing programme in Egypt is due to start at Al-Obour City north-east of Cairo in the third quarter of 2014, the Abu Dhabi daily The National reported this morning.
In March, Arabtec formed a joint venture with the Egyptian government to build 1m low-cost homes in 13 locations. The project is due to be completed in 2020.
The National quoted Arabtec managing director and chief executive Hassan Ismaik as saying the company would give priority to Egyptian and UAE contracting, engineering and construction companies.
“We consider it [the project] as a ‘national project’ and that is why Egypt and UAE firms will have preferential treatment,” The National quoted Ismaik as saying.
For more see www.meed.com