Egypt picks Arabtec for $40bn affordable housing project

March 11, 2014 11:03 am

Dubai-based Arabtec Holding has said it has signed an agreement with the Egyptian army to build one million houses in a project worth EGP280bn ($40bn), Reuters has reported. The project will cover 160 million square meters across 13 sites in Egypt for lower income individuals. Work on the project is expected to start in the third quarter of 2014 and be completed before 2020, Arabtec said.