Dubai's Arabtec denies withdrawing from Egypt housing project

Reuters , Thursday 20 Aug 2015


Dubai-listed builder Arabtec issued a statement on Thursday denying a media report that it was withdrawing from a planned project to build one million homes in Egypt.

"The company...reaffirms that it's still discussing some related details with concerned Egyptian parties," it said in a bourse statement, without giving details or specifying where the media report appeared.

The project was originally announced more than a year ago but it has not yet been launched as the company and Egyptian officials have been wrangling over terms.

Officials have said the entire project will cost about 280 billion Egyptian pounds ($35.8 billion) and Arabtec said in April this year that the first phase would involve building 100,000 homes. 

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