Dubai: Arabtec said on Thursday it is committed to proceeding with its one million housing units project in Egypt worth $40 billion, and the delay is due to both parties seeking best possible results.
This is a strategic project for the company and would achieve attractive returns for the investors, the company said in a bourse statement. It added that it has reached final stages of reaching an agreement with Egyptian authorities and plans to start the implementation of the first phase [of the project] as soon as possible.
The project, which was set to start in the third quarter of 2014, went into an uncertainty after the resignation of Arabtec’s former chief executive, Hassan Ismaik, in June last year. Rumours then circulated that Arabtec was no longer committed to the Egyptian [housing] project.
A few months later, however, Arabtec said that it will start work on the $40 billion project, and confirmed that it has made progress with the Egyptian side. The company also released a statement confirming the importance of the project, which it considered strategic, bringing profitable returns.
Shares of Arabtec on the Dubai Financial Market (DFM) were up 0.38 per cent at Dh2.65 on Thursday.