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Monday, 26 March 2018

Naguib Sawiris, Yassin Mansour offer to buy Qatari Diar out of Egypt?

Naguib Sawiris, Yassin Mansour offer to buy Qatari Diar out of Egypt? Businessmen Naguib Sawiris and Yassin Mansour are reportedly looking to buy real estate developer Qatari Diar’s Egyptian investments, sources claimed to Al Shorouk. Naguib was said to have made Diar a EGP 35 bn offer to acquire all of its local assets, while Palm Hills Development Chairman Mansour made an offer for the company’s New Cairo City Gate development, which has been the subject of an ongoing legal dispute with the New and Urban Communities Authority, which had set an estimate of EGP 13 bn for Diar’s total fines. Diar has completed only one of several projects it had planned for Egypt, for which it had acquired land in Sharm El Sheikh, Hurghada, and other spots along the Red Sea Coast. A state-owned company is also interested in Diar’s assets, the sources added without elaborating.

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