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Monday, 8 July 2019

Emaar, El Nasr sign dispute resolution agreement

DISPUTE WATCH- The Emaar vs. El Nasr beef is finally over: Property developers Emaar Misr and state-owned El Nasr Housing will drop all arbitration cases against each other as part of a dispute resolution agreement signed last week, Emaar said in a bourse filing (pdf). The agreement settled all technical, financial, and procedural points and is set for review by the cabinet. No further details were given about the settlement.

Background: El Nasr brought an arbitration case against the local subsidiary of UAE-based Emaar in June 2017, alleging the company had failed to develop 3 mn sqm of land allotted to it in 2005, and that it unlawfully took 215k sqm within the borders of its Uptown Cairo project. Public Enterprises Minister Hisham Tawfik was quoted in the press earlier this year as saying that the two companies would sign the final contracts to resolve the dispute.

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