Arabtec in talks for new Egypt JV
Dubai, March 30, 2014
Dubai-based engineering and construction group Arabtec is in discussion with the Egyptian government to set up a new joint real estate company for the development of the previously announced one million residential units in the country, said a report.
The company is holding discussions with various Egyptian government bodies including the Ministry of Defence, said the Gulf News report.
It ‘will be disclosing all developments and progress regarding the matter as per laws and regulations,’ it said in a statement to the Dubai Financial Market (DFM).
The $40 billion project will include houses built in various locations, with the project expected to be completed in phases over five years.
Through the developments, future residents will have access to communities with public amenities including schools, hospitals, parks and places of worship.
The project will create over a million job opportunities for Egyptians, said the report.
Arabtec initially said the project would be developed by subsidiaries Arabtec Real Estate and Arabtec Egypt for Construction, it added.