What's Hot

    Free trade: Qatar and Morocco conclude second round of talks

    January 31, 2023

    MENA startups raised almost USD 4 billion in 2022

    January 30, 2023

    Autochek acquires KIFAL Auto, expands to North Africa

    January 27, 2023
    Gulf Africa ReviewGulf Africa Review
    • Industry
    • Infrastructure
      1. Airport
      2. Hospitality
      3. Ports
      4. Power
      5. Rail
      6. Roads
      7. Transport
      Featured

      Osun seeks to capitalise on infrastructure momentum

      Infrastructure May 21, 2018
      Recent

      KarmSolar receives USD 3 million to develop Farafra Solar Grid

      January 11, 2023

      AD Ports Group reports strong growth

      January 3, 2023

      Hyosung Heavy Industries to start construction on South African energy storage project

      December 12, 2022
    • Business & Trade
      1. Agri-Business
      2. Entrepreneurship
      3. FDI
      4. Legislative
      5. MEA
      6. Telecoms
      7. Properties
      Featured

      Analysts predict bullish future for Nigeria’s REITs market

      Business Business & Trade January 21, 2018
      Recent

      Free trade: Qatar and Morocco conclude second round of talks

      January 31, 2023

      Gold-for-oil: Ghana attempts to address forex pressures

      January 18, 2023

      AD Ports Group reports strong growth

      January 3, 2023
    • Finance
      1. Banking
      2. Islamic finance
      Featured

      Social investment platform InvestSky raises USD 3.4 million

      Business Entrepreneurship Finance January 12, 2023
      Recent

      Social investment platform InvestSky raises USD 3.4 million

      January 12, 2023

      African startups face challenges in 2023

      January 10, 2023

      MENA startups raised USD 125 million in December

      January 6, 2023
    • Innovation
    Gulf Africa ReviewGulf Africa Review
    Uncategorized

    Arabtec closes in on $40bn deal for Egyptian housing scheme

    September 29, 20142 Mins Read
    Facebook Twitter Pinterest LinkedIn Tumblr Email
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Dubai contractor battles against disbelief both in the media and the markets by confirming concrete progress on one million house project

    Dubai construction firm Arabtec has revealed that it is close to completing the planning and design stage of a $40bn deal to build one million homes in Egypt, after analysts questioned whether it is feasible for the contractor to recruit the manpower to execute the project.

    Arabtec agreed to carry out the housing scheme with the Egyptian army in March, with a plan to target 13 locations around the country on land provided free by the armed forces. Construction was expected this quarter, with delivery running from early 2017 until 2020. The project will commence immediately after the finalisation of the nearly complete planning and design stages.

    However, few details of the scheme have been disclosed, and given the sheer scale of the project compared with the contractor’s existing operations in Egypt and the review of the firm’s operations following the resignation of CEO Hasan Ismaik in June, doubts had been raised over the deal.

    In particular, analysts had questioned how the firm could possibly implement the Egyptian project without large-scale subcontracting or the hiring of thousands of additional staff.

    Nonetheless, the most recent statement from Arabtec said that 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.” Related article Enormous gas field discovered off Egyptian coast

    Zohr field largest in Mediterranean

    It added that the Dubai contractor had made “positive progress” in its discussions with the concerned authorities in Egypt, and would “commence the project as soon as possible”.

    The project is also expected to reflect positively on the value of the company’s shares, which have recently suffered asa a result of uncertainty in the Russian market, where Arabtec had been lining up deals including a $1bn contract for the construction of a tower in Moscow.

    Arabtec is currently 18.94% owned by Abu Dhabi’s Aabar Investments, and its Egyptian activities are seen as part of economic and political support of Egypt by the UAE, which has provided billions of dollars in aid since Islamist president Morsi was ousted last year.

    The project will commence immediately after the finalisation of the nearly complete planning and design stages.

    Aabar Investments Abu Dhabi Arabtec construction Dubai Egypt Middle East Africa
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Telegram Email
    Previous ArticleDAMAC appoints broker to move on emerging African markets
    Next Article Booming GCC trade logistics presses demand for new ports

    Related Posts

    Business Culture & Society

    GBarena acquires Galactech in USD 15 million share swap

    January 19, 2023
    Business

    Intersec opens in Dubai

    January 17, 2023
    Business Energy

    Eni makes natural gas discovery offshore of Egypt

    January 16, 2023
    Add A Comment

    Comments are closed.

    LATEST STORIES

    Free trade: Qatar and Morocco conclude second round of talks

    January 31, 2023

    MENA startups raised almost USD 4 billion in 2022

    January 30, 2023

    Autochek acquires KIFAL Auto, expands to North Africa

    January 27, 2023

    Wafeq raises USD 3 million in seed round

    January 26, 2023

    African startups double debt financing

    January 25, 2023
    • Business
      • Agri-Business
      • Entrepreneurship
      • FDI
      • Legislative
      • MEA
      • Properties
      • Telecoms
    • Infrastructure
      • Airport
      • Hospitality
      • Ports
      • Power
      • Rail
      • Roads
      • Transport
    • Finance
      • Banking
      • Islamic finance
    • Commodities
      • Agri commodities
      • Metals & minerals
      • Precious metals
    • Culture & Society
      • Education
      • Energy
    GAR logo
    © GulfAfricaReview.com 2014-2022, All Rights Reserved.

    Gulf Africa Review is a trade news and future networking platform for businesses leaders and trade organisations, established to first inform and secondly assist in facilitating the ongoing business and trade relations between the Gulf Cooperation Council countries and Sub-Saharan Africa. We aim to provide an apolitical voice for this channel of economic activity in a way that benefits both geographies by improving the availability of information about market events, developments and opportunities, while publicising the successes achieved by this ever-broadening regional relationship.

      Subscribe to our newsletter

      Type above and press Enter to search. Press Esc to cancel.