Reuters reported that Arabtec Egypt for Construction has won EGP 220 million contract to develop units in an Emaar Properties project on Egypt's northern coast.

Mr Reyad Refaat investment relations manager Amer said that Arabtec Egypt, a JV between Dubai based builder Arabtec and Egypt's Amer Group will complete 170 villas for Emaar's Marassi project. Arabtec owns 55% of the JV which had authorized capital of EGP 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% of its turnover within 3 years.

(Sourced from Reuters)