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Housing Ministry considers cooperation with private sector in new project 

Minister of Housing Mostafa Madbouly said he would consider cooperation between the government and the private sector for the implementation of 500,000 housing units for middle-income housing in Egypt. The initiative was proposed by the General Division of Real Estate Investment at the Chamber of Commerce. Madbouly called upon the division to benefit from the …

Daily News Egypt

Arabtec denies plans to acquire Kuwait’s Kharafi National

Reuters – Dubai builder Arabtec on Wednesday denied that it planned to acquire Kuwaiti construction firm Kharafi National. Sources familiar with the discussions told Reuters on Monday that Arabtec had been in talks with Kharafi National, part of the Kharafi Group, to fully acquire the company. On Monday, both Arabtec and Kharafi declined to comment. …

Daily News Egypt

Dubai’s Arabtec in talks to buy Kuwaiti firm

Reuters – Arabtec Holding, Dubai’s largest listed construction firm, is in the advanced stages of talks to fully acquire a construction company in Kuwait’s Kharafi Group, two sources aware of the discussions said. The Dubai firm is in talks with Kharafi National, a Kuwait-based contractor and facilities management firm which has operations in several Middle …

Daily News Egypt

Dubai’s Arabtec extends reach with giant construction order

Reuters – Dubai construction firm Arabtec clinched a $6.1bn contract on Sunday, its biggest ever by value, as its relationship with Abu Dhabi state fund Aabar, a key shareholder, promised to make the firm one of the region’s top builders. Arabtec said it had signed a memorandum of understanding to build 37 mixed-use, residential and …

Daily News Egypt

Dubai’s Arabtec wins $705m Abu Dhabi contract

Reuters – Major Dubai-based builder Arabtec Holding said on Tuesday that one of its units had been awarded a AED 2.59bn ($705m) construction contract on Abu Dhabi’s Al Reem Island. The project will house a five-star hotel and a residential tower, and will be built within three years, it said in a bourse statement, adding …

Daily News Egypt

Arabtec says no need for SWF funds

By Praveen Menon / Reuters DUBAI: Arabtec has no plans to renew talks with Abu Dhabi state fund Aabar Investments about a taking a stake in the Dubai builder because its funding needs have eased, its chief financial officer said. Sovereign fund Aabar, which owns stakes in German carmaker Daimler and commodities trader Glencore, scrapped a …

DNE

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