CAIRO: Egyptian businessman Ahmed Abu Hashima said Sunday that the agreement with Egyptian authorities to construct a 1 million unit housing project is expected very soon with 120,000 housing units in its first phase; and that it will be completely funded by the UAE, Youm7 reported.
Abu Hashima attended a the meeting that was held earlier including President Sisi with Emirati and Egyptian businessmen, shortly after his arrival to the United Arab Emirates in his first official visit.
The housing project agreement was signed between the Egyptian and The United Arab Emirates’ Arabtec Holding in March 2014.
According to Youm7, last year, the agreement was to be carried out in a term of 5 years with a cost of 280 billion EGP ($39.2 billion), and the units will be built at 13 locations governorates in Egypt with a total area of 160 million meters.
In a statement posted on the Dubai Financial Market (DFM) website in October 2014, Arabtec Holding announced phase one of the project would be distributed in the three cities of Obour, Badr and New Minya.
Sunday’s meeting was attended by Najlaa Ahwani Minister of International Cooperation, along with the ministerial delegation accompanying President Sisi and members of the Federation of UAE Chambers of Commerce and Industry, and representatives of all the Chambers of Commerce according to Youm7 Sunday.
Saturday night President Sisi arrived in Abu Dhabi, commencing his first official visit to the United Arab Emirates. The President was received by the Crown Prince of Abu Dhabi and Deputy Commander of the UAE according to presidential statement Sunday.