Back to the complete issue
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).

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.