The Housing Ministry and the UAE Arabtec Construction L.L.C agreed to start the first stage of the one-million-unit social housing project by the year end.
The ministry, represented by the Urban Communities Authority, will supply the UAE company with fully-serviced lands to set up the units, said Housing Minister Moustafa Madbouli on Sunday.
In return, the company will set up the housing units and hand some of them over to the authority to offer them for sale at affordable prices, the minister said.
The first stage includes 120,000 units to be set up in Obour, Badr and New Minya cities, he added.
The company will also hand over buildings of public services to the authority which, in turn, will hand them over to bodies concerned.
Board chairman of the company Khadem el-Qebisi, said the company is holding intensive contacts with the authority officials to start the first stage by the year end.
"We are in the last stage of making the contract with the authority," he said.