Dubai’s Arabtec nears agreement on $40bn Egypt contract
Final deal expected to be signed within 10 days, according to media reports
The Dubai builder Arabtec is set to sign the final contract on a stalled $40 billion housing project in Egypt, according to Reuters.
The Dubai-listed firm has agreed some of the terms of an agreement to build a million homes across the country and is expected to seal the deal within 10 days, according to an Egyptian government spokesperson cited by the news agency.
The project reportedly stumbled over negotiations as to how many completed properties Arabtec should deliver to the Egyptian government in lieu of land payments.
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.
