40 billion housing project in Egypt downsized

Arabtec Egypt 3

A major residential development in Egypt aimed at providing one million homes for poor and lower middle class Egyptians has been drastically scaled back.  Funding issues and land disputes have seen the project, being carried out by Dubai’s Arabtec, downsized to 100-thousand residential units.

Egyptian president Abdel Fattah al Sisi believes that labour intensive mega projects, are a catalyst to the regeneration of the battered Egyptian economy.The one million housing units MOU was signed with an Emirati company, Arabtec, in March 2014, when Sisi was still a defense minister. It would cost $40 billion and be fully complete by 2020. Egypt announced it had downsized its contract with Arabtec to 100 thousand units over 5 years.