Construction

Egypt denies $37bn Arabtec housing project has stalled

Shares in Arabtec, traded on the Dubai Financial Market, on Monday closed up 2.15% to Dh2.38

PHOTO: Arabtec last year won a deal to build one million homes in Egypt - but the project has so far failed to get off the ground. Credit: Archives

Cairo has denied a report that Arabtec’s $37 billion deal to build homes in Egypt has stalled, prompting a 2.15% recovery in the Dubai-listed builder’s shares.

A report in the Al Mal newspaper earlier claimed that a plan to build a million housing units in Egypt had fallen through, prompting a 3.32% decline in Arabtec’s share price during trading on Sunday.

Arabtec did not immediately comment on the report, which cited an anonymous source.

But an Egyptian official on Monday denied claims that the massive deal has stalled, although acknowledged the contract has still not been signed.

“We are at the stage of preparing the contracts after receiving the necessary approvals, and we await the opinion of Arabtec’s new management,” assistant housing minister Khaled Abbas told Reuters.

Arabtec shares are listed on the Dubai Financial Market.

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