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Arabtec/Egyptian Armed Forces | National Housing Project

Egyptians to benefit from US$40bn mega housing project

Millions of Egyptians in 13 locations across the country are set to benefit from an housing project after an agreement was reached and a partnership signed between UAE- based Arabtec holding and the Egyptian Armed Forces to give millions of Egyptians access to decent housing at affordable prices.

In a statement by Arabtec Holding Company, the project has been described as the biggest of its kind in the region, with an overall development value of US$40bn and will be implemented in phases, with inclusion of public amenities such as schools, hospitals, parks and places of worship. The project final delivery is scheduled for 2020.

However, the project is currently in the design phase and the construction work on phase one in Al-Obour city in Cairo, is due to begin during the third quarter of this year.

Subsequent to this, the UAE-based Arabtec Holding has invited Egyptian and UAE companies to pre-register for contracts in its one million housing unit’s project in Egypt.

Hasan Ismaik, managing director and CEO of Arabtec, said all Egyptian and UAE contracting, engineering and construction companies who are interested in taking part in the project, which is being handled by Arabtec’s subsidiary, Arabtec Egypt for Property Development, are required to pre-register.

He confirmed that Egyptian and UAE firms would be given priority in this project adding that the company will be committed to employing a maximum number of Egyptian workforce and more than 200 Egyptian contractors in the project.

Arabtec, which is the largest construction company in the Persian Gulf by market value having executed a number of high-profile construction projects, including the Burj Khalifa, the tallest building in the world, says it is interested in building airports and other infrastructure projects in Egypt, including power and railways.
Source: http://constructionreviewonline.com/2014/06/27/egyptians-benefit-us40bn-mega-housing-project/
 

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5 years? Sounds ambitious to me. Nd can you add that to the title? 2020.
 

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17-04-17
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While the company charged with the project failed to meet the economic performance i see this project as a good start. 1 million building is fine but we need to build more to be able to catch back the missing gap. This project involves the Egyptian military force and not the government itself which means more is expected to come by the government.
 

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17-04-17
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Egypt federation picks 500 firms for Arabtec project


The Egyptian Federation for Construction and Building Contractors (EFCBC) has selected about 500 contractors to participate in UAE-based Arabtec’s $40 billion housing project in Egypt, it was reported.

According to Hassan Abdel Aziz, chairman of the federation, the contractors were selected after a recent meeting between EFCBC and Arabtec representatives. Contractors were chosen based on the geographic divisions of the project to provide a million homes in the country, Abdel Aziz said, quoted in Egyptian newspaper Amwal Al Ghad.

Additionally, the EFCBC will meet with Arabtec and the project’s Egyptian partner to finalise the companies to participate in the first phase, the chairman said.

Selected companies are expected to begin work on the first phase of the project this year, it was reported.
http://www.bigprojectme.com/news/eg...ct/?utm_source=twitterfeed&utm_medium=twitter
 

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Egypt, UAE’s Arabtec in talks to commence million housing unit project


Feb. 10, 2015 17:38

CAIRO: Minister of Housing Moustafa Madbouly said will meet Tuesday and Wednesday with a delegation from the UAE’s Arabtec Holding to conclude a final agreement to commence the construction of a $40 billion housing project in Egypt.

The project was mentioned as part of President Abdel Fatah al-Sisi’s electoral campaign launched last March. Sisi said the project aimed to solve housing problems by providing affordable houses for low-income people.

The project, which will cover 160 million square meters in 13 locations in Egypt, including Cairo, Alexandria and Luxor, was surrounded with uncertainty after its former chief executive, Hasan Ismail, resigned in June.

According to the company, phase one of the project will be carried out in the three cities of Obour, Badr and New Minya. It will comprise 120,000 housing units, which will form integrated cities that include public services and facilities, including schools, hospitals and places of worship..

More at: http://www.thecairopost.com/news/13...lks-to-commence-million-housing-unit-project/
 

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Discussion Starter · #10 ·
The project is not halted, according to the general Arabtec didn't agree with the condition laid forth by the Egyptian government that all the money has to be brought in from abroad and not from Egyptian banks. The army is no longer in charge of the project though, it was moved under the auspice of the Ministry of Housing.
 

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17-04-17
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The project is not halted, according to the general Arabtec didn't agree with the condition laid forth by the Egyptian government that all the money has to be brought in from abroad and not from Egyptian banks. The army is no longer in charge of the project though, it was moved under the auspice of the Ministry of Housing.
Not only that. The Egyptian government thought initially that the project aimed to be for social housing purpose while Arabtec changed it to middle class housing. There is no doubt Arabtec would loose alot if it transformed the whole project into a social housing hub. It's not in their interest.
 

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Egypt aims for final Arabtec housing deal by mid-March


MARCH 5, 2015
SOURCE

Egypt's housing minister said on Thursday that talks with Dubai-listed Arabtec are continuing and that he hopes to reach a final deal on a plan to build a million homes before a March 13-15 investment conference in Sharm el-Sheikh.

The Egyptian housing project is seen as part of economic and political support to the country by the United Arab Emirates, which has provided billions of dollars of aid to Cairo since Islamist president Mohamed Mursi was ousted in 2013.

The government is hoping to secure domestic and foreign investment of up to $12 billion at next month's conference.

Speaking to reporters on Thursday, housing minister Mustafa Madbouly said Egypt's rights have to be preserved in any deal.

A source familiar with the matter told Reuters this week that Arabtec's chairman would meet officials of Egypt's housing ministry to renegotiate terms of the $40 billion plan.

[...]​
 

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So this project has been halted?
 

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17-04-17
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World Bank set to loan Egypt $500 mn for housing project


Negotiations over a $500 million loan has been finalised between Egypt and the World bank, announced minister of housing Mostafa Madbouli in a press statement.
The loan, allocated for the 'social housing' or the 1mn residential units project, will be paid back by Egypt over the course of five years.

The project which has been unveiled late 2014 aims to build 1 million residential units across the country for low-incomers.

According to Madbouli, the NUCA will start implementing a number of residential units on an area less than 90 metres each to suit the citizens' income particularly in new cities in Upper Egyptian governorates.

Last September, the World bank agreed to offer Egypt $1.5 billion (LE 10.5 billion) in financing for social housing and sanitation for villages over a period of three years, housing, utilities and urban development.

The World Bank's commitment to Egypt currently includes 25 projects for a total of US$4.9 billion (LE34.3 billion) as well as 43 trust fund grants worth US$190.2 million (LE1.3 billion) in the sectors of energy, transport, water and sanitation, agriculture, irrigation, health and education.

The Bank is committed to support the Egyptian government in improving its social safety net by expanding its cash transfer system to the poorest members of society, managing director Sri Mulyani Indrawati said in her speech at Egypt's Economic Development Conference held in Sharm El-Sheikh earlier this month.
http://english.ahram.org.eg/NewsCon...-set-to-loan-Egypt--mn-for-housing-proje.aspx
 

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17-04-17
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Arabtec agrees terms with Egypt for $40 bln housing project

Dubai’s Arabtec has agreed terms with Egypt’s Ministry of Housing for the first phase of a $40 billion plan to build one million homes across the country, the contractor said on Thursday.

Arabtec will sign the contract with the ministry “at earliest opportunity” for this first phase, according to a statement to Dubai’s bourse.

This will consist of 100,000 units to be built in Egypt’s El Obour and Badr districts, the statement said.
http://english.alarabiya.net/en/bus...ms-with-Egypt-for-40-bln-housing-project.html

:cheers:
 

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17-04-17
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Arabtec profit on Egypt project won't exceed 7.5%
Dubai-listed construction firm Arabtec will have a profit margin not exceeding 7.5 percent for its project to build homes in Egypt, a company spokesman said on Saturday.
He also said that within six months of work on the huge project starting, Arabtec would transfer $180 million to its wholly owned subsidiary Arabtec Egypt Real Estate Development, which was set up for the scheme.
The money would help fund the project, although Arabtec is also expected to raise debt to fund it.
http://www.arabianbusiness.com/arab...ct-won-t-exceed-7-5--587848.html#.VSGD8hOG_LI

This is a first!
 

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17-04-17
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UAE's giant residential project in Egypt not going as planned


Builder of Egypt's huge residential project, UAE-based Arabtec Holding, which is in charge of constructing 1 million residential units for youth, is currently seeking funds from banks, both international and local, despite the controversy.

More than one year ago, specifically on 9 March 2014, President Abdel Fattah Al-Sisi, then-defense minister, had signed an agreement with Arabtec to construct 1 million residential units for low-income Egyptian youth, which was later changed to be a medium-income-segmented project.

The time span of the project is set to be five years with a schedule of four phases, the first of them hasn't started yet as Arabtec said in a statement to the Dubai Financial Market on 22 April that it is holding talks with banks to fund Phase One. But the plan wasn't amended yet, which is to deliver the first homes in early 2017.

However the Armed Forces had provided the land of the $40bn project, it is no longer responsible for the project that is currently directly falling under the authority of Ministry of Housing instead of the military body.

The reason of the change in plan was attributed to the disagree of Arabtec with the conditions of the Armed Forces Engineering Corps, the project's former supervisor, as the Emirati firm announcing intention to borrow from local banks to fund the project.

Head of Engineering Corps Kamil El-Wazir stressed in an interview with a private Egyptian newspaper last March that foreign investors, referring to Arabtec, should inject money from abroad, not locally-borrowed cash.
https://www.the-newshub.com/business/uaes-giant-residential-project-in-egypt-not-going-as-planned
 

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Arabtec, Egypt agree to build 1 million homes


Dubai-listed Arabtec has agreed terms with Egypt’s Ministry of Housing for the first phase of a 280 billion Egyptian pounds ($36.70 billion) plan to construct one million homes across the country, the builder said.

Arabtec will sign a contract with the ministry “at the earliest opportunity” for this first phase, according to a statement to Dubai’s bourse. This will consist of 100,000 units to be built in Egypt’s El Obour and Badr districts, the statement said.

Arabtec agreed in principle a broader plan with Egypt’s army in March 2014 to build 1 million homes in 13 locations across the country on land provided by the armed forces, before negotiations switched to being between the contractor and the housing ministry. The two sides agreed terms in February, but the contract which Arabtec subsequently received included less attractive terms for the company than it had approved, a source familiar with the matter told Reuters last month. That led senior Arabtec officials to return to Egypt for fresh negotiations and they have now agreed terms, for the first phase at least. Arabtec did not provide any details on how many phases were in the project or when it might conclude terms on building the remaining 900,000 units. Construction on the project had originally been due to start in the third quarter of 2014, with the first homes to be delivered in early 2017.

Abu Dhabi state fund Aabar owns 35 percent of Arabtec, according to Reuters data. The Egyptian housing project is seen as part of economic and political support to the country by the United Arab Emirates, which has provided billions of dollars of aid to Cairo since Islamist president Mohamed Mursi was ousted in 2013.
http://www.sillyid.com/business/arabtec-egypt-agree-to-build-1-million-homes-6681.html
 
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