Egypt’s Need for Low-Income Housing
In March 2014, before resigning as Egypt’s minister of defense and pursuing his campaign for the presidency, General Abdul-Fattah el-Sisi announced an agreement with the UAE construction firm Arabtec to build a million affordable homes for “Egyptian youth.” The Egyptian Army facilitated the deal by pledging to donate 160 million square meters of land in 18 locations nationwide. Although Arabtec had never handled a project of this scale or value ($40 billion), one of its largest stakeholders (22 percent) is the Abu Dhabi state fund Aabar.