Housing is regarded as an important issue in Egypt (and in Cairo in particular), one that current Egyptian president Abdel Fatah al-Sisi’s promised to tackle during the 2014 election campaign.
Now in office, action is being taken, with the initiation of a project aimed at providing solutions to low-income citizens by building one million units over the next 5 to 7 years. The Egyptian Army facilitated the deal by pledging to donate 160 million square meters of land in 18 locations nationwide. Housing in Egypt is both a sensitive and a complicated problem. There is high end housing available, with over six million units standing empty, but with no one able to afford them. On the other hand, there is a shortage of cheaper units for those who need them most. The new plan is long-awaited good news.
Arabtec, a leading engineering and construction group of companies specialising in complex projects in the Middle East and North Africa region, has been appointed and is in charge of the task that should be soon underway as Arabtec’s Chairman, Mr Khadem Al Qubaisi, has confirmed that the company is currently in contact with banks with the goal of gathering funds of up to USD 200 million for the first construction phase.
Arabtec told media reports that the first 100 000 units of housing in Obour and Badr (two cities east of Cairo) have been approved by Egypt’s Cabinet. Mr Khadem Al Qubaisi also declared that “Arabtec will sign a final contract for this first phase with the Ministry of Housing’s New Urban Communities’ Authority at the earliest opportunity.”
This project is one of the most important ones in the region and a priority for both Khadem Al Qubaisi and the Egyptian government, and a first step to solving a housing crisis that has affected families for years.