UAE-based Arabtec plans to establish airport in Egypt
Arabtec Holding Logo

CAIRO: The managing director and CEO of the United Arab Emirates-based Arabtec Holding, Hasan Ismaik, said the company is interested in establishing an airport in 6 October City, Sky News reported Tuesday.

Ismaik said he has received the necessary support from Egyptian leaders regarding the issue, Sky News reported.

Ismaik said his company intends also to create infrastructure projects in Egypt, particularly electricity stations and trains. He said the company will participate also in building one million housing units for low to middle income people.

“Fourteen international economic entities are ready to be partners with Arabtec in projects in different fields in Egypt, such as petroleum, gas, trains, subway, infrastructure and health,” Ismaik said.

Arabtec announced it will participate with the Armed Forces in launching one million housing units in the beginning of 2014 with a total investment of $40 billion. The first units will be built at the end of 2014, and the project is expected to be completed in 2020. It will include 13 Egyptian cities and will accommodate about 5 million Egyptians.

Ismaik added that the first sample unit will be built within six months in Cairo, followed by Fayoum.

The project has been charged with being “politically motivated,” Al Masry Al Youm reported in March, with allegations that the Engineering Authority of the Armed Forces would be tasked with the execution of major projects included in presidential candidate Abdel Fatah al-Sisi’s potential electoral program.

A military spokesperson denied the report on the same day, saying that projects announced by the Armed Forces are unrelated to political aspirations.

For the Arabtec Construction project, the defense ministry is believed to have donated 160,000 square meters of land in 13 locations, including in Cairo, Alexandria and southern governorates such as Luxor, according to a report published on March 9 by the Financial Times newspaper.

Relations between Egypt and the UAE further developed after the events of June 30.

The UAE was among the countries that offered financial and tangible aid to Egypt valued at $3 billion. In October 2013, the UAE resumed aiding Egypt by signing a $4.9 billion agreement, including a $1 billion grant and $1 billion in oil freights. The remaining amount will be for executing a number of developmental projects, according to the state information services website.

Such developmental projects will include establishing 25 wheat silos, 50,000 housing units in 18 governorates, 100 schools and a number of sewage and infrastructure projects.

Recommend to friends

Leave a comment