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Thursday, 3 October 2019

Legal proceedings between Emaar and El Nasr suspended for another 4 weeks

DISPUTE WATCH- Emaar-El Nasr legal proceedings suspended for another four weeks: A freeze on legal proceedings between property developer Emaar Misr and state-owned El Nasr Housing has been suspended for another four weeks “with the purpose of reaching a settlement,” Emaar said in an EGX disclosure (pdf). The two sides had reportedly reached a preliminary agreement in September, which would have seen Emaar pay El Nasr financial compensation for failing to develop 3 mn sqm of land contracted to it in 2005. The settlement would have allowed Emaar time to complete the Uptown Cairo project.

Background: El Nasr brought the arbitration case against the local subsidiary of UAE-based Emaar in June 2017. The dispute also included a 500k sqm land plot, which Emaar was accused of using for construction instead of roadworks and green areas. Deputy Justice Minister for Arbitration and International Disputes Judge Moustafa El Bahabety had told Enterprise the settlement would see both sides drop all arbitration cases against each other and Emaar pay EGP 100 mn.

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