Delegates from Arabtec construction, L.L.C. will arrive to Cairo next week for the establishment of the company's Egyptian unit which will handle the 1 million unit project in cooperation with the Armed forces. Sources told AlBorsa newspaper the company is looking into the possibility of establishing the company's capital to be in UAE Dirhams to avoid losses from potential difference in exchange rates. Arabtec agreed with Commercial international bank to be acting as the financial advisor to organize the needed funding the project requires, according to sources. The company will sign agreements with a number construction companies and alliances to participate in the project. The source added that the company is looking into options to lower the costs of the project like importing part of the construction materials from outside due to lower costs. Regarding the hurdles facing the project, the source said that the project requires 6 million doors which will not be covered by the local supply which means it will be imported. The source also revealed that the army asked the company to follow a Cautious purchasing policy to avoid bottlenecks in the local construction material sector. Source : Arab finance
