CAIRO — The deal is said to be Field Marshal Abdel-Fattah al-Sisi’s last hurrah before he retires from the military and confirms his bid for the presidency. Two weeks ago, the army announced that it would build 1 million housing units for low-income youths in collaboration with Arabtec Holding, a company based in the United Arab Emirates (UAE). The $40 billion project is the largest construction contract ever in the region.

At the inaugural ceremony, Egypt’s popular army chief and Arabtec CEO Hasan Abdullah Ismaik promised to deliver the first units by 2017 and finish the entire project by 2020. The houses are to be developed in 13 locations spread across 10 governorates. Their construction will create a million new jobs, the army said. Egypt, which is suffering from a crippling housing crisis and an unemployment rate of 50% in some areas, rejoiced.

Sisi has been lionized since he overthrew the unpopular President Mohammed Morsi last July, with many demanding he run for president in the upcoming mid-April elections. With this new project, his popularity soared again.

At first glance, the project looks promising. Arabtec approached Egypt with the idea, a military source told Al-Monitor. Relations between Egypt and the UAE have flourished since the ouster of Morsi, whose Muslim Brotherhood was not on good terms with the Emirates. Abu Dhabi has a vested interest in Egypt progressing and succeeding in the post-Morsi era.