Dubai – Mubasher: Arabtec Holding announced on Thursday that it will go forward with its 1 million-unit housing project in Egypt and that it is finalising the terms with the government.

The “strategic” project is expected to result in rewarding returns for the company and its shareholders and investors, Arabtec said in a filing to the Dubai Financial Market (DFM), confirming news that it is in the final stages of reaching a deal with the Egyptian government.

“The delay in the announcement is due to both parties seeking the best possible results and agreeing on the details of all aspects relating to the project,” the filing added.

The first phase of the project will be executed within a month and investments will reach EGP 20 billion ($2.6 billion), Egyptian housing minister Mostafa Madbouli previously said.

Arabtec’s capital amounts to AED 4.4 billion divided on 4.4 billion shares at par value of AED 1 per share.