CAIRO: Prime Minister Ibrahim Mahlab witnessed the signing of a housing protocol between the Egyptian Ministry of Housing and the UAE Monday, for delivering 50,000 new housing units, Youm7 reported May 11.
The protocol was signed at the Ministry of Investment, in the presence of the Minister of Housing Mostafa Madbouly and Sultan Ahmed Al Jaber Minister of state in UAE.
The protocol comes within the Emirati 1 million unit housing project, signed in March 2014.
Madbouly said that all of the labor would be procured from Egypt while the financing will be from the UAE.
“Establishing the 50,000 units will be the start for the Administrative Capital project, which will be implemented in 3 years,” added Madbouly.
The housing project agreement was signed between the Egyptian and Emirati Arabtec Holding in March 2014, with a term of 5 years with a cost of 280 billion EGP ($39.2 billion).
Emirati aids and grants to Egypt amount to $7 billion, and a number of them have been fulfilled. The total number of UAE projects has reached about 14.
The UAE offered financial and tangible aid to Egypt valued at $3 billion following the July 2013 ouster of Mohamed Morsi. In October 2013, the UAE resumed aid to Egypt by signing a $4.9 billion agreement; including a $1 billion grant and $1 billion in oil freights, according to the State Information Service website.