Arab Development to Incur Losses Worth EGP 600,000 on Project Withdrawal

Wednesday, 21st June 2017

Egyptian property developer Arab Development and Real Estate Investment (ADRI) is to suffer losses worth EGP 600,000 after the Armed Forces Engineering Authority withdrew a five-building project awarded earlier to the company, Invest-Gate reports.

The engineering authority has finalized working with the Cooperative Association for Housing and Construction in Asyut Governorate and other associations, affecting the company’s operations.

The company seeks to resume working on the project through contracting with a new cooperative association.

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