Arabia Group win $4.6bn construction deal

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Arabia Group win $4.6bn construction deal

Egypt has signed a $4.6bn construction deal with Arabia Group.

Egypt’s housing ministry signed a construction deal worth about 35 billion Egyptian pounds ($4.6 billion) with Egyptian real estate developer Arabia Group, a statement from the Cabinet has said.

Initial agreement for the project in the Cairo suburb of 6th of October City was made at a March investment summit in Egypt where billions of dollars of deals and pledges were signed.

The housing minister said in the statement that the project would include hotels, medical facilities and schools on an area spanning 557 feddans, or 234 hectares.

The government, which is providing the land, expects the value of its share in the project to reach about 14 billion Egyptian pounds ($1.82 billion).

Tarek Shoukry, who heads Arabia Group, said the project would be inspired by Pharaoh themes and provide 50,000 direct job opportunities.

Source: Trade Arabia

Moving Abroad Checklist

Initial Considerations

Will your partner be travelling with you?

If so, what will they be giving up in your present home and will they be able to continue with their career in your new home? You will need to check whether a separate visa is required for your partner to work or if your visa gives that right. If they are unable to work you will need to decide on the effect on your finances and what alternatives are available to give a fulfilling life (home business, training, voluntary work).

Are you taking family with you?

Moving with family raises many exciting opportunities, but also can create challenges. The HSBC Expat Explorer survey indicates that expat kids can take six months to settle in to their new country (see article). Getting young or even older children to prepare to move and leave their friends and family behind can be a challenge and should be thought through.

The options for education is another area that needs to be thought through.

Moving your child to a new country with a different education system can be a great opportunity to broaden their experience, but if they are close to key exams the timing can make this inadvisable. If you do take your family with you, it is important to decide between joining the local school system or choosing an international school.

Where will you be living?

Whether you will be living in a house or apartment, furnished or unfurnished, these decisions will affect what you need to take with you. The time you are planning to live overseas will also affect whether you should leave your property at home empty, rent it out or sell it. See the article Sell, Store or Ship.