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UAE's Arabtec agrees $40 bln housing project with Egypt army
March 9, 2014 / 3:21 PM / 4 years ago

UAE's Arabtec agrees $40 bln housing project with Egypt army

CAIRO, March 9 (Reuters) - Arabtec Holding, Dubai’s largest listed construction firm, has agreed with the Egyptian army to build one million houses in a project worth 280 billion Egyptian pounds ($40.23 billion), it said in a statement on Sunday.

The project will cover 13 sites across Egypt for lower income individuals. The company said it expected that work on the project would start in the third quarter of this year and be completed before 2020. ($1 = 6.9603 Egyptian Pounds) (Reporting by Asma Alsharif, editing by Louise Heavens)

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