CAIRO: The Emirati construction company Arabtec Holding denied Wednesday reports that it “would only develop the first phase of its 1 million unit housing project in Egypt.”
The $40 billion project was initially proposed as part of President Abdel Fatah al-Sisi’s electoral campaign in 2014, with the aim of providing affordable houses for low-income people.
“There is no progress regarding the housing project in Egypt and therefore the company denies the aforementioned news ,” Arabtec said in a clarification to the Dubai Financial Market Wednesday.
Earlier in April, Egypt’s Cabinet announced that it had approved Arabtec’s initiative to construct phase one of the project which consists of 100,000 units in Obour and Badr cities, and then the company said it “will sign a final contract for this first … at the earliest opportunity.”
Arabtec has affirmed several times that Egypt’s housing project is a “top priority,” and one of the largest projects in the region, but a final contact has not see the light as of yet.