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Monday, 21 May 2018

El Nasr to escalate legal dispute with Emaar Misr over Uptown Cairo land

Emaar Misr’s dispute with El Nasr over Uptown Cairo land isn’t over: State-owned El Nasr Housing and Reconstruction reportedly plans to proceed with the arbitration suit it filed last July against Emaar Misr, which alleges that the latter owes it EGP 1 bn and 3 mn sqm of land in Mokattam. This comes despite reports over the last month that a resolution was in the offing. Sources told us last month that Emaar had presented an EGP 100 mn settlement offer. This was followed by statements attributed by Al Masry Al Youm to an El Nasr board member that the had company approved the settlement offer. El Nasr accuses Emaar of failing to develop land it acquired back in 2005. The Public Enterprises Ministry had acknowledged that Emaar was not to blame for the delays. Nonetheless, El Nasr apparently also wants to sue state officials, accusing them of siding with Emaar. Look for El Nasr to next sue the arbitrators if that doesn’t go its way…

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