Arabtec, the Dubai contractor, said it is still waiting to hear from Egyptian authorities regarding its huge housing project as it denied reports that its ambitious programme is now “limited”.
The company’s shares were suspended for a short period this morning while a disclosure was made to the Dubai Financial Market in response to comments from Egypt’s housing minister Mustafa Madbouly.
The shares closed down 4.7 per cent at Dh0.98. They are down nearly 65 per cent for the year.
The original plan for US$40 billion joint venture between Egypt and Arabtec, announced in March last year, was to build 1 million homes for middle-income Egyptians by 2020.
But Mr Madbouly played down the potential size of the development in comments reported by Reuters.
He said the latest proposal from Arabtec foresees the construction of just 13,000 units in the first phase. “The company had continuous change of its board and its strategy and its policy,” he said. “They limited their ambitious programme. It’s not the project we were expecting.”
He added that Egypt needed to build 500,000-600,000 new homes a year to keep up with demand, 70 per cent of which should be aimed at the poor.
Arabtec chairman Mohamed Al Rumaithi last month said that the project has been segmented into phases, with 13,000 units in the first phase followed by “100,000, and then to 200,000, and so on”.
Despite the housing minster’s comments, Arabtec says it is waiting on an update at the Egyptian end.
“Please be advised that the company denies the news, as we have not had any feedback from the Egyptian authorities and we are still waiting to hear from them,” said acting chief executive Saeed Al Mehairbi in a statement to the bourse.
“In this context, the company confirms its full commitment to the principles of disclosure and transparency, and will update you on any developments in this regard.”
Arabtec has endured a tumultuous 18 months since former chief executive Hasan Ismaik departed in June 2014. It has undergone major restructuring with changes in senior management.
It posted third quarter losses of nearly Dh1bn, taking its cumulative loss for the first nine months to Dh1.94bn, and said last month that it was continuing its restructuring and cost-reduction programme.
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Banned items
Dubai Police has also issued a list of banned items at the ground on Sunday. These include:
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Political flags or banners
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Bikes, skateboards or scooters
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
The Brutalist
Director: Brady Corbet
Stars: Adrien Brody, Felicity Jones, Guy Pearce, Joe Alwyn
Rating: 3.5/5
Dr Afridi's warning signs of digital addiction
Spending an excessive amount of time on the phone.
Neglecting personal, social, or academic responsibilities.
Losing interest in other activities or hobbies that were once enjoyed.
Having withdrawal symptoms like feeling anxious, restless, or upset when the technology is not available.
Experiencing sleep disturbances or changes in sleep patterns.
What are the guidelines?
Under 18 months: Avoid screen time altogether, except for video chatting with family.
Aged 18-24 months: If screens are introduced, it should be high-quality content watched with a caregiver to help the child understand what they are seeing.
Aged 2-5 years: Limit to one-hour per day of high-quality programming, with co-viewing whenever possible.
Aged 6-12 years: Set consistent limits on screen time to ensure it does not interfere with sleep, physical activity, or social interactions.
Teenagers: Encourage a balanced approach – screens should not replace sleep, exercise, or face-to-face socialisation.
Source: American Paediatric Association
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
THE%20SPECS
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Mental%20health%20support%20in%20the%20UAE
%3Cp%3E%E2%97%8F%20Estijaba%20helpline%3A%208001717%3Cbr%3E%E2%97%8F%20UAE%20Ministry%20of%20Health%20and%20Prevention%20hotline%3A%20045192519%3Cbr%3E%E2%97%8F%20UAE%20Mental%20health%20support%20line%3A%20800%204673%20(Hope)%3Cbr%3EMore%20information%20at%20hope.hw.gov.ae%3C%2Fp%3E%0A
More from Janine di Giovanni
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
Rating: 1/5
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Other workplace saving schemes
- The UAE government announced a retirement savings plan for private and free zone sector employees in 2023.
- Dubai’s savings retirement scheme for foreign employees working in the emirate’s government and public sector came into effect in 2022.
- National Bonds unveiled a Golden Pension Scheme in 2022 to help private-sector foreign employees with their financial planning.
- In April 2021, Hayah Insurance unveiled a workplace savings plan to help UAE employees save for their retirement.
- Lunate, an Abu Dhabi-based investment manager, has launched a fund that will allow UAE private companies to offer employees investment returns on end-of-service benefits.
Auron Mein Kahan Dum Tha
Starring: Ajay Devgn, Tabu, Shantanu Maheshwari, Jimmy Shergill, Saiee Manjrekar
Director: Neeraj Pandey
Rating: 2.5/5
