CAIRO: Arabtec Egypt for Construction has won a LE 220 million ($36.9 million) contract to develop units in an Emaar Properties project on Egypt’s northern coast, Al-Borsa newspaper said on Wednesday.
Arabtec Egypt, a joint venture between Dubai-based builder Arabtec and Egypt’s Amer Group , will complete 170 villas for Emaar’s Marassi project, Amer’s investment relations manager, Reyad Refaat said.
Arabtec owns 55 percent of the joint venture, which had authorized capital of LE 100 million.
Arabtec said in October it was shifting abroad to make up for sliding demand in the United Arab Emirates and saw Egypt contributing no less than 15 percent of its turnover within three years.
