Egyptians to benefit from US$40bn mega housing project

GALLERIA-NORTH-ENTRANCE-Phase-2
One of the projects of Arabtec holding Company in Qatar

Millions of Egyptians in 13 locations across the country are set to benefit from an housing project after an agreement was reached and a partnership signed between UAE- based Arabtec holding and the Egyptian Armed Forces to give millions of Egyptians access to decent housing at affordable prices.

In a statement by Arabtec Holding Company, the project has been described as the biggest of its kind in the region, with an overall development value of US$40bn and will be implemented in phases, with inclusion of public amenities such as schools, hospitals, parks and places of worship. The project final delivery is scheduled for 2020.

However, the project is currently in the design phase and the construction work on phase one in Al-Obour city in Cairo, is due to begin during the third quarter of this year.

Subsequent to this, the UAE-based Arabtec Holding has invited Egyptian and UAE companies to pre-register for contracts in its one million housing unit’s project in Egypt.

Hasan Ismaik, managing director and CEO of Arabtec, said all Egyptian and UAE contracting, engineering and construction companies who are interested in taking part in the project, which is being handled by Arabtec’s subsidiary, Arabtec Egypt for Property Development, are required to pre-register.

He confirmed that Egyptian and UAE firms would be given priority in this project adding that the company will be committed to employing a maximum number of Egyptian workforce and more than 200 Egyptian contractors in the project.

Arabtec, which is the largest construction company in the Persian Gulf by market value having executed a number of high-profile construction projects, including the Burj Khalifa, the tallest building in the world, says it is interested in building airports and other infrastructure projects in Egypt, including power and railways.

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