Dubai’s Arabtec in bid to save $40bn Egypt deal as shares fall further
The Dubai-listed builder to meet with officials of Egypt’s housing ministry in attempt to revive stalled housing project
Arabtec is set to renegotiate the terms of a $40 billion housing deal in Egypt, as shares in the Dubai-listed builder continue to decline.
The Dubai firm’s chairman Khadem Abdulla al-Qubaisi will meet with officials on Wednesday, Reuters reported, as it looks to get the massive deal back on track.
Dubai’s largest listed construction firm agreed in March 2014 that it would build housing in Egypt worth more than $40 billion.
Arabtec is now renegotiating the deal with Egypt’s housing ministry, despite the original agreement being with the army, it was reported.
Shares in Arabtec were down by 0.68% by 1.15pm Dubai time on Wednesday, continuing their downward trend, which has been attributed to uncertainty over the Egypt deal.
Arabtec shares fell by 2.94% on Monday, following a 3.16% decline the previous day.
A Cairo-based newspaper on Sunday reported that Arabtec had not met state conditions to build the massive housing project announced a year ago.
