The housing construction deal between Egypt and Arabtec has been scaled back from the previously agreed number of units, the government has said..
According to the Egyptian Housing officials Arabtec will now be building 100,000 housing units from the earlier agreed 1Miliion housing projects.
The Emirati contractor was initially in discussions with the ministry to build one million affordable homes in Egypt over the next decade.
Early on there were reports that the project construction was declined but the housing official confirmed that the project will go on despite the fact that the housing Units were reduced.
According to the Egyptian Housing Minister Moustafa Madbouly in an interview there are open negotiations with other companies so that the housing projects can be build in Five years to cub the current housing shortage.
The Egypt and Arabtec housing construction project, worth between $36bn to $40bn was part of then-president Abdel Fattah al-Sisi’s initiatives to reform the country.
The housing project was awarded to Arabtec early this year with an aim to finish the first phase of the construction by the end of 2015. But so far the project has not yet kicked off and it is probably the reason to why Egyptian government is trying to subdivide the project so that it can end on time.
Egypt and Arabtec housing construction project had been taunted as the major housing project in Egypt so far
