Arabtec hires firm to master plan $40bn Egypt projects.

Dubai construction giant Arabtec has appointed Architecture & Planning Group to be the masterplanner for its $40bn project to build up to one million new homes in Egypt.The company announced that it had appointed the UAE-based company for the project, which covers 13 different sites, on the in a statement to the Dubai Financial Market.

The biggest of the housing projects could contain up to 500,000 homes. The company said it expected that work on the project would start in the third quarter of this year and be completed before 2020.Last week, Arabtec said that it had moved the former CEO of its construction arm, Sami Asad, to become head of the business responsible for delivering the project, Arabtec Egypt for Real Estate Development.

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Asad had only joined Arabtec last year from Abu Dhabi-based developer Aldar Properties, where he served as CEO overseeing the development of Yas Island’s attractions as well as projects like Al Raha Beach and the new Abu Dhabi World Trade Center.

Net profits at Dubai builder Arabtec more than tripled in the final three months of last year, underpinned by an increasing backlog of work and growth in its key markets in the UAE and Saudi Arabia, the company said last month.

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The contractor, in which Abu Dhabi state fund Aabar is a key stakeholder, said it made a net profit of AED122 million ($33 million) in the quarter, compared with AED32 million in the corresponding period of 2012, on revenue up 39 percent at AED2.3 billion.

Via : Arabian Business.

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