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Monday, 4 March 2019

Emaar vs. El Nasr set to wrap up for good

BEEF WATCH- Emaar vs. El Nasr beef looks set to wrap up for good: Emaar Misr and El Nasr Housing will sign next week the final contracts to resolve their two-year-old dispute over a land plot and delays in Emaar’s Uptown Cairo project, Public Enterprises Minister Hisham Tawfik said, according to Al Mal. The two reached an agreement last year whereby the former will pay EGP 100 mn to settle. The agreement also involves Emaar completing the project, and either returning 5% of the project land or buying it at market value.

Background: State-owned El Nasr brought an arbitration case against Emaar in June 2017 alleging that the UAE-based company failed to develop 3 mn sqm of land allotted to it in 2005. El Nasr also claimed there are 215k sqm unlawfully within Uptown’s borders. Emaar’s offer of EGP 100 mn in settlement was then met with acceptance since El Nasr’s arbitration case was said to be “baseless.”

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