Egypt's PM, JICA chief discuss boosting investment, education ties at TICAD 9    Egyptian pound wavers vs. USD in early trade    SCZONE showcases investment opportunities to eight Japanese companies    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    Egypt's PM meets Tokyo governor, witnesses signing of education agreements    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Egypt's Sisi, France's Macron discuss Gaza ceasefire efforts in phone call    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egypt to tighten waste rules, cut rice straw fees to curb pollution    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



First phase of Arabtec housing project to start before year-end
Published in Daily News Egypt on 19 - 10 - 2014

UAE-based construction company Arabtec said it will commence with the first phase of its project building 1 million residential units before the end of 2014, the company said on Sunday.
Arabtec will provide the New Urban Communities Authority (NUCA) with the housing units and public services, Reuters reported on Sunday, citing a statement from the company. The ownership of the project will then transfer to the concerned authorities upon completion.
At the end of September, the company disclosed that it is about to conclude the planning and design stage of the project.
On 9 March, the Armed Forces, in cooperation with Arabtec, announced plans to construct 1 million residential units for low-income youth on land provided by the Armed Forces. The contract marks one of the largest construction initiatives in the Arab region in the past three years.
The project, announced by President Abdel Fattah Al-Sisi, then the defence minister, falls under the umbrella of the "For Egyptian Youth" initiative. The initiative, which Al-Sisi launched prior to announcing his run for the presidency, aims to address a shortage of low-income housing for young people.
Construction is expected to begin in December 2014, and will be implemented in four stages over the next five years. The $40bn project will be built at 13 locations across Egypt, with the first homes to be delivered in early 2017.
UAE, the third largest foreign investor in Egypt, was among the Gulf countries that congratulated and financially supported Egypt after the ouster of former president Mohamed Morsi in July 2013. The UAE provided Egypt with $3bn in the form of deposits, grants and petroleum products in July 2013. In October 2013, it pledged $2.8bn in additional aid to Egypt to implement "development projects", which was later announced as the second economic stimulus package.


Clic here to read the story from its source.