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Monday, 30 April 2018

Emaar offers EGP 100 mn to settle Uptown Cairo disputes with El Nasr Housing

EXCLUSIVE- Emaar offers EGP 100 mn to settle dispute with El Nasr Housing: The Public Enterprises Ministry will study an offer from Emaar Misr to pay EGP 100 mn to settle an outstanding dispute with the state-owned El Nasr Housing and Reconstruction over Emaar’s Uptown Cairo project, sources told us this week. El Nasr, which filed for arbitration in Cairo last July, is demanding Emaar pay EGP 1 bn and return 3 mn sqm of land in Mokattam it says Emaar has failed to develop since they acquired it in a 2005 agreement. El Nasr is also looking to retrieve 215k sqm it says are technically outside Uptown Cairo’s borders. The head of the Housing Company for Construction and Development, Mahmoud Hegazy, has been tasked with negotiating settlement terms with Emaar.

Emaar not at fault? Sources tell us that Emaar is not at fault for the delay in its development timeline, as the company has yet to receive the necessary licenses for the project, a fact the Public Enterprises Ministry has acknowledged.

EARNINGS WATCH- Separately, Emaar Misr reported yesterday a consolidated net profit of EGP 503.3 mn in 1Q2018, up from EGP 437.9 mn in 1Q2017, according to a regulatory filing (pdf).

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