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Monday, 31 October 2016

Qatari Diar pursuing international arbitration proceedings over City Gate project

Qatari Diar has reportedly taken the first steps to initiate international arbitration proceedings against the government over the stalled City Gate project in New Cairo. The company had approached international law firms to jumpstart proceedings after reports the New Urban Communities Authority is considering confiscating the project’s land due to delays in construction, sources told AMAY. As we noted back in August, work on the project had halted after armed men seized control of the development land, threatening and preventing work crews from completing the project. The company had issued a statement that it had no control of the area. News reports had emerged that a prosecutor and an accompanying police officer were shot dead when visiting the site. NUCA had been haranguing the company to complete its work on schedule while this has been going on, and Qatari Diar is reportedly looking to exit the project. The Investment Ministry is reportedly looking to intervene to resolve the matter before arbitration begins.

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