Egyptian housing minister, Mustafa Madbouli, said that the United Arab Emirates-based company Arabtec will start executing the million-unit project by the start of 2015.
The minister mentioned also that the company studies nowadays adding some amendments to the projects, studies also collaborating with other private real estate development firms on undertaking the project.
Arabtec signed last April a memorandum of understanding with the Egyptian ministry of defense about constructing million residential units in different locations around Egypt with cost value 40 million Dollars.
The Egyptian cabinet referred the whole execution scheme to the housing ministry, the cabinet recommended taking all steps needed for execution and earmarking the project’s lands.
Arabtec mentioned lately that first units deliverance will start in 2007, while the project will be done by 2020.