Arabtec, Egypt agrees terms on first phase of 1 mln homes project

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 on Thursday.

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