Arabtec confirms its PJSC for Egypt project

UAE-based Arabtec Holding on Thursday said it in the process of establishing a new joint stock company to execute multi-billion dirham project in Egypt.

The company said in a statement to Dubai Financial Market on Thursday that it’s engaged in talks with the Egyptian authorities to establish a joint stock company to build one million houses in the country.

The company announced on March 9, 2014, that it had signed a memorandum of understanding (MoU) with the Ministry of Defense and Military Production on behalf of the government of the Arab Republic of Egypt to develop and construct one million units of middle-income housing in various locations across Egypt.

This project is the biggest of its kind in the Region, with an overall development value of EGP280 billion (Dh147bn; $40bn). Through the developments, millions of Egyptians will have access to full-fledged communities, with public amenities such as schools, hospitals, parks and places of worship.

The company, the statement said, will disclose any developments in this regard in accordance with the laws and regulations in due course.