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Thursday, 25 August 2016

Qatari Diar planning exit from City Gate project?

Qatari Diar is reportedly considering exiting the EGP 6.1 bn City Gate project in New Cairo after claims that construction had stopped for two months as result of repeated equipment theft and vandalism at the site, sources told Al Borsa. Diar is in talks with Egyptian real estate developers to sell the project, cut its losses and leave, the newspaper claims. Diar had reportedly stopped accepting installments until it can resume construction or repay them in the event the project shuts down. NUCA had sent warnings to Diar for not keeping up with the construction schedule. Workers had apparently refused to work on site for fear of attacks. Only 30% of the first phase of the project had been completed and around 500 homes have been sold so far.

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