By Andy Sambidge
Sami Asad will be responsible for delivering one million homes in 12 locations across Egypt
Dubai-based construction giant Arabtec Holding announced on Wednesday the appointment of Sami Asad as CEO for its newly created subsidiary Arabtec Egypt for Real Estate Development.
Asad will lead the Egyptian unit which will be responsible for delivering one million homes under a $40 billion deal announced last month.
Arabtec will develop and construct in 13 locations across Egypt, the biggest project of its kind in the region, the company said in a statement.
Asad joined Arabtec in 2013 as CEO of its Construction Group and played a key role in driving growth, with the company's backlog reaching unprecedented levels.
Commenting on the appointment, Arabtec Holding managing director and CEO Hasan Ismaik said: "Mr Asad's strong background, proven experience in managing mega construction and engineering projects make him the natural choice for leading our new subsidiary which will focus on the real estate sector in Egypt and launch a number of mega projects."
He added: "The Egyptian market holds lucrative opportunities in a host of areas, including infrastructure sector. The creation of this subsidiary will further consolidate our drive to diversify our business into other high-margin segments."
Asad previously worked for Abu Dhabi real estate development company Aldar, where he served as chief operations officer then as CEO. At Aldar, he led a massive strategic growth plan that saw the development of Yas Island as a tourist and business destination.
Asad said: "I do hope the new subsidiary will be an invaluable addition to Arabtec's diverse offerings. On the personal level, I am particularly pleased to be back to Cairo, where I had my undergraduate studies, and to be part of a host of projects that will benefit the Egyptian people, particularly the project that will provide homes for millions of Egyptians."