Abu Dhabi: Dubai-listed construction firm Arabtec has made a proposal to build 13,000 homes in Egypt, and its chairman has expressed confidence of receiving positive feedback.
“We proposed [the project] to the Egyptian government, if they accept it, we will go ahead,” Mohammad Thani Murshed Al Rumaithi, chairman of Arabtec, told reporters on the sidelines of a conference in Abu Dhabi.
He said the company was awaiting a response from the government, adding they expected approval soon.
“The project will be done in phases. First we will have 13,000 [homes], then we will go to 100,000 and then 200,000 units.”
The company earlier announced it would build one million homes in Egypt, where demand for housing is growing exponentially. He did not clarify whether the new 13,000 units are part of the one million homes.
Arabtec, which has reported losses in previous quarters this year, is likely to face a further loss in the fourth quarter.
“2015 will be a very tough year because of the losses,” said Al Rumaithi who is also the chairman of Abu Dhabi Chamber of Commerce and Industry.
Last week, Arabtec reported Dh1.02 billion in losses for the third quarter of this year, marking a significant plunge from the Dh90 million in net profits recorded in the same quarter last year. It has attributed its losses to factors like challenging market conditions, restructuring and high costs.
