The UAE’s Arabtec Holding has denied the scaling down of its role in Egypt’s one million homes project in a statement released on the Dubai Financial Market (DFM).

The statement said: “There is no progress regarding the housing project in Egypt and therefore the company denies the news referred to above.”

Arabtec’s statement comes after news published by MEED on 1 September stated that the company’s role in the housing project in Egypt has been scaled down, sourcing a spokesperson from Egypt’s Housing, Utilities & Urban Communities Ministry.

The spokesperson told MEED that Arabtec will now develop only the 100,000 units that make up phase one of the scheme, not the originally planned one million homes across the total development.

The spokesperson added that the ministry is looking to attract interest from other local and international investors to develop the rest of the scheme and the remaining 900,000 units.