An aerial view of old Cairo and houses is pictured through the window of an airplane.
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When Abu Dhabi-run contractor Arabtec signed a deal with the Egyptian government for a high-profile housing project it was seen as a sign of the Gulf Arab state's support for President Abdel-Fattah al-Sisi.Egyptians were promised 1 million homes by 2020 at a cost of about 280 billion Egyptian pounds ($35.76 billion) and a raft of other projects to help the economy get back on its feet after the political upheaval that followed the 2011 uprising.Some of which this money has failed to materialize, and local banks are unable to finance the Arabtec project.Work has not started and Arabtec has yet to submit a building plan. Arabtec declined to comment, while Abu Dhabi officials could not be reached for comment.It is unclear whether Egypt was swept up in the ambitions of Arabtec's ex-CEO Ismaik, who promised in June 2014 to make Arabtec one of the top 10 companies globally by 2018 .
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