Dubai: Arabtec is in discussion with the Egyptian government to set up a new joint real estate company for the development of the previously announced one million residential units in Egypt.
In a statement to the Dubai Financial Market (DFM) on Tuesday, Arabtec said it is holding discussions with various Egyptian government bodies including the Ministry of Defence.
It stated that it “will be disclosing all developments and progress regarding the matter as per laws and regulations.”
Earlier this month, Arabtec announced the $40 billion project to build the one million middle-income housing units in Egypt. The houses will be built in various locations with the project expected to be completed in phases over five years. Through the developments future residents will have access to communities with public amenities including schools, hospitals, parks and places of worship.
Arabtec stated that the project will create over a million job opportunities for Egyptians.
A number of Egyptian and foreign banks have expressed interest in financing the mega-development project that will stretch across 160 million square metre at 13 locations, according to Arabtec.
The memorandum of understanding (MoU) was signed earlier this month with the Egyptian Ministry of Defence and Military production on behalf of the Egyptian government.
Arabtec initially said the project would be developed by subsidiaries Arabtec Real Estate and Arabtec Egypt for Construction.