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Thursday, 17 January 2019

Emaar vs. El Nasr dispute resolved, minister says

Emaar vs. El Nasr dispute resolved, minister says: A settlement has been reached between Emaar Misr and state-owned El Nasr Housing & Reconstruction over a disputed land plot and delays in execution pertaining Emaar’s Uptown Cairo project, Public Enterprise Minister Hisham Tawfik tells Masrawy. The companies are now in talks about post-resolution issues regarding the project, Tawfik said.

Background: El Nasr alleged that Emaar Misr failed to develop 3 mn sqm of land allotted to it back in 2005. The state-owned company also alleged that there are 215k sqm of Uptown that are technically outside the project’s borders. Emaar offered EGP 100 mn settlement but received no response and the dispute was sent to the Cairo Regional Center for International Commercial Arbitration awaiting a ruling. Tawfik told CBC channel earlier that Emaar would pay the EGP 100 mn to El Nasr while 5% of the project land would either be returned to Cairo Governorate or Emaar would buy it at market value.

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