Arabtec, one of the Middle East’s biggest construction companies, hopes to begin work on its million-homes project in Egypt by the end of the year, chairman Khadem Al Qubaisi said on Sunday.
The Dubai-listed Arabtec agreed to build $40 billion worth of affordable housing units in March, in cooperation with the Egyptian army.
Arabtec initially said it would start building in the third quarter and finish construction by 2020, according to the Wall Street Journal.
Following meetings with Egypt’s Ministry of Housing and New Urban Communities Authority last week, Arabtec was “making the maximum possible efforts” to start work on the project’s first phase this year, Qubaisi said in an emailed statement.
Qubaisi met with Egyptian Prime Minister Ibrahim Mahlab two weeks ago to discuss the project, the statement said.
The first phase of the million-homes project consists of 120,000 units in three cities, Arabtec said. Obour is situated about 25 miles north east of Cairo, while Badr is roughly the same distance due east of the city.The other homes will be built in New Minya city.
Obour is situated about 25 miles north east of Cairo (photo: wikipedia)
The company did not say how the housing units would be distributed across the cities or whether they would consist of apartment blocks, villas or some other form of housing. The units would “form integrated cities that include public services,” including schools, hospitals and places of worship, the company said.
The million-homes project is by far the largest ever for Arabtec, which was founded in 1975 and has worked on projects including Dubai’s Burj Khalifa, the world’s largest building.