A delegation looks at a scale model of the new Egyptian capital displayed at the congress hall in the Red Sea resort of Sharm el-Sheikh in this file photo dated March 14, 2015. Dubai builder Arabtec has submitted a proposal to Egypt’s government to construct 13,000 homes in the North African country, the firm’s chairman told Reuters yesterday. In March 2014, Arabtec signed a memorandum of understanding to build 1mn homes in Egypt by 2020 - equivalent to about 550 per day - but the two parties have failed to agree final terms and this new proposal is entirely separate, said chairman Mohamed Thani Murshed al-Rumaithi. “We assume they will accept soon,” he told Reuters on the sidelines of a conference in Abu Dhabi, declining to give more details. Arabtec’s losses over the past four quarters total 2.06bn dirhams as its costs rose and it took provisions. “2015 will be a very, very tough year. That’s the reality because of the losses the company has faced,” said al-Rumaithi, who became chairman in May. Several senior executives have left Arabtec in the past 18 months, including its chief executive and chief financial officer.
