DUBAI: Dubai-listed Arabtec has agreed terms with Egypt's Ministry of Housing for the first phase of a 280 billion Egyptian pounds ($36.70 billion) plan to construct one million homes across the country, the builder said on Thursday.

Arabtec will sign a contract with the ministry "at the earliest opportunity" for this first phase, according to a statement to Dubai's bourse.

This will consist of 100,000 units to be built in Egypt's El Obour and Badr districts, the statement said.

Arabtec agreed in principle a broader plan with Egypt's army in March 2014 to build 1 million homes in 13 locations across the country on land provided by the armed forces, before negotiations switched to being between the contractor and the Housing Ministry.

The two sides agreed terms in February, but the contract which Arabtec subsequently received included less attractive terms for the company than it had approved, a source familiar with the matter told Reuters last month.