UAE construction company Arabtec has declared that they have neared completion of the planning stages for the million housing unit project that announced by Egyptian army earlier this year.
A massive deal is close to completion that would see UAE construction company Arabtec investing $40 billion to build a million homes in Egypt.
Originally announced in March, the Egyptian military and Arabtec agreed to build homes in 13 locations around the country, on land provided for free by the army. Currently the deal is in the planning and design stages, with the goal of starting construction before the end of the year. The first homes to be delivered are projected to be complete by early 2017, with overall goal of delivering the entire million by 2020.
The project hopes to bolster Egypt's struggling economy, resolve housing shortages, and boost Arabtec's expansion in the region. Doubts were casted on the project in June, after an unexpected resignation by Arabtec's CEO Hassan Smaik. This prompted media rumours that suggest that they weren't as committed to the Egypt project.
Looking to calm these fears, Arabtec release a statement reiterating, "The Company will commence the project immediately after the finalisation of the planning and design stages which have been nearly completed after achieving significant progress in this regard."
Very few details have been released about this massive project, and it is still unclear if the million homes they plan to build will in be a solution for the many struggling to find affordable homes.