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Arabtec project to build a million homes approved by Egypt: gov't official

CAIRO (Reuters) - Dubai-based builder Arabtec has received Egyptian cabinet approval for a housing project to build a million homes, Egypt's assistant housing minister Khaled Abbas told Reuters on Monday. Egyptian officials have said the entire project will cost about 280 billion Egyptian pounds ($36.7 billion and Arabtec has said the first phase will involve building 100,000 homes. ($1 = 7.6300 Egyptian pounds)