UPDATE 1-Arabtec, Egypt agrees terms on first phase of 1 mln homes project

April 2, 2015 11:53 AM

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DUBAI, April 2 (Reuters) - Dubai-listed Arabtec has agreed terms with Egypt's Ministry of Housing for the first phase of a 280 billion Egyptian pounds ($36.70 billion) plan to construct one million homes across the country, the builder said on Thursday.

Arabtec will sign a contract with the ministry "at the earliest opportunity" for this first phase, according to a statement to Dubai's bourse.

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