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Sunday, 13 May 2018

El Nasr Housing accepts Emaar’s EGP 100 mn settlement offer for Uptown Cairo dispute

El Nasr Housing accepts Emaar’s EGP 100 mn settlement offer for Uptown Cairo dispute: State-owned El Nasr Housing and Reconstruction’s general assembly voted to accept Emaar’s EGP 100 mn settlement offer for their dispute over the Uptown Cairo project, El Nasr board member Ezzat Ibrahim tells Al Masry Al Youm. The company referred the case to the Public Enterprises Ministry to sign off on its approval of the offer, according to Ibrahim. El Nasr, which filed for arbitration in Cairo last July, had demanded 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. Sources told us last month that Emaar had presented its settlement offer despite the ministry acknowledging that the company was not at fault for delays in moving ahead with the project.

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