By Michael Fahy
Ismaik reiterates pledge to work with at least 200 local contractors
Arabtec has invited contractors and engineering firms from its home market of the UAE to pre-register bid for part of its deal to build 1m new homes in Egypt.
The contractor has said that firms from both the UAE and Egypt would would be given priority in helping to deliver this project, which Arabtec is developing through a new subsidiary, Arabtec Egypt for Property Development.
It signed a deal with Egypt's Ministry of Defense to deliver a $40bn project for one million new homes to be built in 13 different locations across the country in March.
Ismaik said the project “demonstrates the UAE leadership’s keenness on supporting Egypt and help realise the dreams of millions of Egyptians".
"From this perspective, we consider it as a ‘national project’ and that is why Egypt and UAE firms will have preferential treatment.”
He also said the introduction of UAE firms into the market to compete with Egyptian contractors would also help to create competetion, but reiterated that he wanted to see as many Egyptians as possible working on it. It expects to engage at least 200 local contractors.
Work is currently still in the design phase, but construction of phase one, Al Obour City, could get underway by the third quarter of this year.
Arabtec also recently said it was interested in building airports and other infrastructure projects in Egypt, including power and runways.
"I am not referring to Arabtec alone. There are major international firms who are interested in working with us.”