Housing project has been under negotiations since its announcement in 2014
- Arabtec denies limited role in Egypt housing project
- Statement comes after news published by MEED on 1 September
The UAEs Arabtec Holding has denied the scaling down of its role in Egypts 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.
Arabtecs statement comes after news published by MEED on 1 September stated that the companys role in the housing project in Egypt has been scaled down, sourcing a spokesperson from Egypts 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.
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