The original US$40 billion campaign to provide a million low-cost homes, entitled “For the Sake of Egypt’s Youth”, was initiated last March by the Dubai-listed firm and then field marshal Abdel Fattah El Sisi in the lead up to Egypt’s presidential elections.
The deal, widely seen as a symbol of this country’s commitment to Cairo’s military-backed government, came as UAE aid flowed into Egypt following the ousting of the president Mohammed Morsi.
But what was hailed early on as one of the region’s most ambitious housing projects has been hampered by issues including confusion over funding sources.
The most recent road bump came after the head of the armed forces eengineering corps, general Kamel El-Wazir, seemed to blame Arabtec for the project’s current temporary suspension by not agreeing to certain “national conditions”.
Pressing Refresh Notes: Promises…promises…right before elections. I guess it doesn’t matter where we live in the world. Same old story.