Qatar Diar has eight years to finally finish its City Gate project in New Cairo
Qatari Diar has until 2031 to finish City Gate: The New Urban Communities Authority (NUCA) has given Qatari Diar subsidiary East Gate Developments eight years from January 2023 to complete its USD 8 bn City Gate project in East Cairo, Al Shorouk reported yesterday, citing sources familiar with the matter. The authority has granted East Gate the deadline to compensate it after its work was suspended for years due to a legal dispute. The new deadline comes a month after the newspaper reported that East Gate secured a EGP 2 bn loan from the National Bank of Egypt and Banque Misr to finance the second phase of the City Gate project. East Gate began work on the EGP 1 bn first phase of the project last year.
Other things we’re keeping an eye on this morning:
- Trial operations have begun for the Sixth of October dry port. (Transport Ministry statement)
- Construction of the second reactor at the 4.8 GW Dabaa nuclear power plant got underway yesterday. (Nuclear Power Plants Authority statement | Rosatom)
- Several Bahraini firms are reportedly considering establishing green hydrogen projects at the Suez Canal Economic Zone. (Al Borsa)