Arabtec Holding, Dubai's largest listed construction firm, has agreed with the Egyptian army to build one million houses in a project worth 280 billion Egyptian pounds ($40.23 billion; Dh147.6 billion), Reuters said on Sunday quoting a company statement.
The project will cover 13 sites across Egypt for lower income individuals. The company said it expected that work on the project would start in the third quarter of this year and be completed before 2020, it said.
In February, Arabtec Holding announced that it had signed a memorandum of understanding with Aabar Properties, a real estate development, management and investment company and a subsidiary of Aabar Investments, for its subsidiary, Arabtec Construction, to design and construct 37 towers in Abu Dhabi and Dubai, for a total contract value of Dh22.44 billion (Dh 6.11 billion).
According to the memorandum, Arabtec is to construct 37 mixed-use, residential, and hotel towers in Abu Dhabi and Dubai, including nine mixed-use towers in the Tomouh City of Lights development in Abu Dhabi, with a total plot area of 900,000 sqft and a built area of 14,000,000 sqft. In addition, Arabtec will construct four mixed-use towers in Reem Island development.