Click here to close now.




















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
Any Ops team trying to support a company in today’s cloud-connected world knows that a new way of thinking is required – one just as dramatic than the shift from Ops to DevOps. The diversity of modern operations requires teams to focus their impact on breadth vs. depth. In his session at DevOps Summit, Adam Serediuk, Director of Operations at xMatters, Inc., will discuss the strategic requirements of evolving from Ops to DevOps, and why modern Operations has begun leveraging the “NoOps” approa...
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
In their Live Hack” presentation at 17th Cloud Expo, Stephen Coty and Paul Fletcher, Chief Security Evangelists at Alert Logic, will provide the audience with a chance to see a live demonstration of the common tools cyber attackers use to attack cloud and traditional IT systems. This “Live Hack” uses open source attack tools that are free and available for download by anybody. Attendees will learn where to find and how to operate these tools for the purpose of testing their own IT infrastructu...
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
In his session at @ThingsExpo, Lee Williams, a producer of the first smartphones and tablets, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. He will explain how M2M controllers work through wirelessly connected remote controls; and specifically delve into a retrofit option that reverse-engineers control codes of existing conventional controller systems so the...
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.