Welcome!

News Feed Item

Arabtec Signs Historic Agreement with Egypt's Defence Ministry to Develop and Construct One Million Housing Units in Egypt

CAIRO, March 9, 2014 /PRNewswire/ --

Under the directives of His Highness Sheikh Mohammed bin Zayed Al Nahyan & in the presence of His Excellency Field Marshal Abdel Fattah Al Sisi

  • The biggest project of its kind in the region, with a total value of EGP280 billion (USD40 billion)
  • Arabtec Real Estate's first project; is set to consolidate Arabtec's presence in Egypt
  • The project will create over one million job opportunities for Egyptians with Arabtec Construction,
  • Ismaik: "This historic project will be a major boost to the Egyptian economy."
  • Ismaik: "This project is a historic turning point, in our pursuitof growing the company into one of the leading holding groups in the region."

Arabtec Holding PJSC (Arabtec), a leading engineering and construction Group specialising in complex projects in the Middle East and North Africa region, today announced that it has signed a memorandum of understanding (MoU) with the Ministry of Defense and Military Production on behalf of the government of the Arab Republic of Egypt to develop and construct one million units of middle-income housing in various locations across Egypt.

     (Photo: http://photos.prnewswire.com/prnh/20140309/674059-a )
     (Photo: http://photos.prnewswire.com/prnh/20140309/674059-b )
     (Photo: http://photos.prnewswire.com/prnh/20140309/674059-c )
     (Photo: http://photos.prnewswire.com/prnh/20140309/674059-d )
     (Photo: http://photos.prnewswire.com/prnh/20140309/674059-e )
     (Photo: http://photos.prnewswire.com/prnh/20140309/674059-f )
     (Photo: http://photos.prnewswire.com/prnh/20140309/674059-g )
     (Photo: http://photos.prnewswire.com/prnh/20140309/674059-h )

The agreement was formalised today in a ceremony attended by Field Marshal Abdel Fattah Al-Sisi, Deputy Prime Minister, Defense Minister and Commander-in-Chief of the Armed Forces, alongside a number of senior officials, as well as Hasan Abdullah Ismaik, Managing Director and CEO of Arabtec Holding and a number of Arabtec's senior executives.

Ismaik praised the continuous efforts of the UAE, under the leadership of His Highness Sheikh Khalifa bin Zayed Al Nahyan, the president of the United Arab Emirates in supporting their brothers in Egypt. "This present project," he said, "owes much to the wise directives of His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who has been very keen to mobilize all efforts to boost support to our brothers in Egypt through a multitude of humanitarian, economic and social initiatives."

As part of the memorandum, Arabtec Holding's subsidiaries will develop and construct one million housing units in thirteen locations across Egypt. This is in line with the efforts by the Egyptian authorities to provide affordable housing for Egyptians, as part of the efforts to reduce the housing deficit as a result of the growth in the country's population.

This project is the biggest of its kind in the Region, with an overall development value of EGP280 billion (USD 40 billion). Through the developments, millions of Egyptians will have access to full-fledged communities, with public amenities such as schools, hospitals, parks and places of worship.

Arabtec Real Estate, a recently formed subsidiary of Arabtec Holding, will undertake the development of this project, which will be developed in phases over a span of five years. This project is the first in a series of projects that Arabtec Holding looks to undertake as part of its efforts to expand its presence in Egypt. Arabtec Egypt for Construction, a subsidiary of Arabtec Holding, will undertake the construction work of the project which is expected to create more than one million jobs for the people of Egypt.

The developments will be funded, in the most part, by a number of Egyptian and foreign banks. These banks have already expressed interest in providing a range of affordable financing solutions that will appeal to a broad cross-section of the Egyptian population and includes long-term repayment of up to 20 years.    

These residential communities will be developed in 13 locations in a number of governorates with an overall land area of over 160 million sq.m, of which 149 million sq.m will be in Cairo governorate (Al-Obour, 10th of Ramadan, Badr, and Al Ikhlas). The rest are divided between the governorates of Alexandria (Burj Al Arab City - 964,000 sqm); Maanoufiyah (Sadat City - 2,880,000 sq.m); Fayyoum (Fayyoum New City - 2,200,000 sq.m); Bani Suwaif (Bani Suwaif New City - 864,000 sq.m.); Al Menyah (New Al Menya City - 1,640,000 sq.m); Asyout (New Asyout City - 900,000 sq.m); Souhag (New Souhag City - 1,160,000 sq.m)' Qana (New Qana City - 264,000 sq.m); and Luxur (New Taybeh City - 328,000 sq.m.). The overall built area of these communities will be in excess of 5 million sq.m.

Hasan Abdullah Ismaik, Managing Director and CEO of Arabtec Holding, commented: "Egypt is held in high regards by the leaders and citizens of the UAE. The two countries are linked together by historic bonds of fraternity and friendship. We at Arabtec are proud to join the efforts of the UAE government aimed at further consolidating these bilateral ties. This historical project, the biggest of its kind in the Region, will be a major boost to the Egyptian economy and will help improve the living standards for the Egyptian people."

"We believe the Egyptian economy is poised for a significant rebound, particularly with the current governmental policies geared towards encouraging investment in the property development sector. The Egyptian market holds high potential, particularly in the affordable housing sector, and we are determined to take advantage of these opportunities by launching a number of projects that will help meet the ever-mounting demand for housing units in Egypt," added Ismaik.

"This huge project is the maiden major undertaking of Arabtec Real Estate in Egypt and the Region. It represents a historic turning point in our pursuit of growing the company into one of the leading holding groups in the region, which will certainly bring sustainable rewards for our shareholders. We have great confidence in the ability of Egyptians to build a modern state and we will spare no effort in supporting Egypt's economy and creating additional jobs for the Egyptian youth in our projects in Egypt and abroad." Ismaik concluded.

Construction work is scheduled to begin in the third quarter of this year. The first batch of units will be delivered in early 2017 while final delivery of all units will be achieved before 2020. Arabtec and the Egyptian authorities are in the final stages of signing definitive agreements, including mechanisms for the implementation of the projects. 

Notes for editors

About Arabtec Holding

A leading engineering and construction group of companies specialising in complex projects in the Middle East and North Africa region, including high-rise commercial and residential development, infrastructure and oil and gas.

The UAE-based group's impressive list of completed projects includes iconic buildings such as the world's tallest building, the Burj Khalifa in Dubai, and Abu Dhabi landmark, the Emirates Palace Hotel; as well as other technically challenging work on airports and related infrastructure.

Arabtec was the first private construction firm to go public when it was listed on the Dubai Financial Market in 2005. Today, Arabtec Holding consists of many subsidiaries, with specialisations spanning all segments of the construction cycle. The group is currently working on some of the most prestigious projects in the Middle East, such as the Louvre Museum in Abu Dhabi, and is expanding into other regions. The group is also expanding in the oil and gas, power and related infrastructure sectors.

Arabtec's strong track record and commitment to timely and cost-efficient delivery has contributed to its rapid growth in recent years and a reputation for quality that has often translated into a market-led pricing premium for completed projects.

For more information, please visit http://www.arabtecholding.com

SOURCE Arabtec Holding

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
SYS-CON Events announced today that Peak 10, Inc., a national IT infrastructure and cloud services provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Peak 10 provides reliable, tailored data center and network services, cloud and managed services. Its solutions are designed to scale and adapt to customers’ changing business needs, enabling them to lower costs, improve performance and focus inter...
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
So, you bought into the current machine learning craze and went on to collect millions/billions of records from this promising new data source. Now, what do you do with them? Too often, the abundance of data quickly turns into an abundance of problems. How do you extract that "magic essence" from your data without falling into the common pitfalls? In her session at @ThingsExpo, Natalia Ponomareva, Software Engineer at Google, will provide tips on how to be successful in large scale machine lear...
If there is anything we have learned by now, is that every business paves their own unique path for releasing software- every pipeline, implementation and practices are a bit different, and DevOps comes in all shapes and sizes. Software delivery practices are often comprised of set of several complementing (or even competing) methodologies – such as leveraging Agile, DevOps and even a mix of ITIL, to create the combination that’s most suitable for your organization and that maximize your busines...
Struggling to keep up with increasing application demand? Learn how Platform as a Service (PaaS) can streamline application development processes and make resource management easy.
In his session at @ThingsExpo, Chris Klein, CEO and Co-founder of Rachio, will discuss next generation communities that are using IoT to create more sustainable, intelligent communities. One example is Sterling Ranch, a 10,000 home development that – with the help of Siemens – will integrate IoT technology into the community to provide residents with energy and water savings as well as intelligent security. Everything from stop lights to sprinkler systems to building infrastructures will run ef...
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, will discuss how research has demonstrated the value of Machine Learning in delivering next generation analytics to im...
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists will dis...
See storage differently! Storage performance problems have only gotten worse and harder to solve as applications have become largely virtualized and moved to a cloud-based infrastructure. Storage performance in a virtualized environment is not just about IOPS, it is about how well that potential performance is guaranteed to individual VMs for these apps as the number of VMs keep going up real time. In his session at 18th Cloud Expo, Dhiraj Sehgal, in product and marketing at Tintri, will discu...
Unless you don’t use the internet, don’t live in California, or haven’t been paying attention to the recent news… you should be aware that self-driving cars are on their way to becoming a reality. I have seen them – they are real. If you believe in the future reality of self-driving cars, then continue reading on. If you don’t believe in the future possibilities, then I am not sure what to do to convince you other than discuss the very real changes that will roll out with the consumer producti...
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...
There is an ever-growing explosion of new devices that are connected to the Internet using “cloud” solutions. This rapid growth is creating a massive new demand for efficient access to data. And it’s not just about connecting to that data anymore. This new demand is bringing new issues and challenges and it is important for companies to scale for the coming growth. And with that scaling comes the need for greater security, gathering and data analysis, storage, connectivity and, of course, the...
This is not a small hotel event. It is also not a big vendor party where politicians and entertainers are more important than real content. This is Cloud Expo, the world's longest-running conference and exhibition focused on Cloud Computing and all that it entails. If you want serious presentations and valuable insight about Cloud Computing for three straight days, then register now for Cloud Expo.
IoT device adoption is growing at staggering rates, and with it comes opportunity for developers to meet consumer demand for an ever more connected world. Wireless communication is the key part of the encompassing components of any IoT device. Wireless connectivity enhances the device utility at the expense of ease of use and deployment challenges. Since connectivity is fundamental for IoT device development, engineers must understand how to overcome the hurdles inherent in incorporating multipl...