(Photo courtesy of the Egyptian Cabinet)
Hasan Ismaik, chief executive of major Dubai construction firm Arabtec, has resigned, Al Arabiya television quoted unnamed sources as saying on Wednesday, according to Reuters.
On 9 March, the armed forces, in cooperation with UAE’s Arabtec Construction Company announced plans to construct 1 million residential units for low-income youth. The contract marks one of the largest construction initiatives in the Arab region in the past three years.
The project, which was announced by President Abdel Fattah Al-Sisi, the defence minister at that time, falls under the umbrella of the “For Egyptian Youth” initiative, which Al-Sisi launched prior to announcing his intention to run for president. The initiative aims to address a shortage of low-income housing for youth.
Construction is expected to begin in December 2014, and will be implemented in four stages over the next five years.
