CAIRO: Minister of Housing Moustafa Madbouly said will meet Tuesday and Wednesday with a delegation from the UAE’s Arabtec Holding to conclude a final agreement to commence the construction of a $40 billion housing project in Egypt.
The project was mentioned as part of President Abdel Fatah al-Sisi’s electoral campaign launched last March. Sisi said the project aimed to solve housing problems by providing affordable houses for low-income people.
“We (the government) will hold talks with Arabtec officials today and tomorrow [Tuesday and Wednesday] to reach a final agreement for commencing the project,” Madbouli said at a Cityscape Egypt Business Breakfast, held in Cairo Tuesday, in preparation for launching the Egypt Real Estate Summit and Cityscape Egypt exhibition both scheduled in September.
The project, which will cover 160 million square meters in 13 locations in Egypt, including Cairo, Alexandria and Luxor, was surrounded with uncertainty after its former chief executive, Hasan Ismail, resigned in June.
Earlier in October, Arabtec announced it was about to conclude a final agreement with Egyptian authorities to commence the project after several media outlets reported that the company was no longer interested.
According to the company, phase one of the project will be carried out in the three cities of Obour, Badr and New Minya. It will comprise 120,000 housing units, which will form integrated cities that include public services and facilities, including schools, hospitals and places of worship.