Dubai - Mubasher: Arabtec Holding confirmed that it is in talks with several local and international banks regarding financing of the first phase of its 1-million unit housing project in Egypt.

UAE media had reported that the Dubai-listed construction firm was in talks with UAE banks for a $200 million loan to be used in financing phase one of the project.

The first phase is expected to be completed within five to seven years, according to a previous statement by Arabtec’s chairman Khadem Al-Qubaisi, who also said that the company was in talks with banks to borrow $100-200 million to launch the project’s first phase.