Arabtec Construction wins USD 43 mn contract to develop two phases in Emaar’s Uptown Cairo
In other news from the real estate sector, Emaar Misr has awarded Dubai-based Arabtec Construction a USD 43 mn contract to develop two phases of Emaar’s Uptown Cairo Project, according to a statement from Arabtec (pdf). The agreement will see Arabtec build villas as well as develop “surrounding roadworks and infrastructure” in the two phases, which have a built-up area of around 61k sqm.
Meanwhile, Emaar Misr continues look for resolution of its dispute with state-owned El Nasr Housing and Reconstruction at the Uptown Cairo project, which centers on El Nasr’s claims that Emaar failed to develop 3 mn sqm of land allotted to it back in 2005 — and that there are 215k sqm of Uptown that are technically outside the project’s borders. Reports emerged on Sunday that El Nasr is planning to proceed with the arbitration suit it filed last July against Emaar, despite a statement two weeks earlier from a board member that El Nasr’s general assembly had voted to accept Emaar’s settlement offer. A source had told us last month that Emaar had offered EGP 100 mn to settle the dispute.
Ismail Cabinet on the case? The Ismail Cabinet held a meeting on Tuesday to discuss some of the major lingering cases of disputes between the state and investors, according to a cabinet statement. The statement did not specifically mention Emaar.