Qatari Diar is taking steps to proceed with international arbitration against Egypt over its vacant land plot in New Cairo meant to house its long-stalled residential project, with the Investment Ministry reportedly trying to intervene before the company takes action, according to unnamed sources speaking to Al Masry Al Youm.
Diar alleges that the land allocated for its project has been taken over by “a party with means.” The developer appealed to the Egyptian government to redeem the lands, resolve the issue, and to the New Cairo Authority to assist Diar so that it may be able to resume construction. The Qatari company reportedly warned that if the government failed to do so, the company would resort to legal action.
The project is still suspended, as the company has been unable to resolve the situation with the New Urban Communities Authority, with only 1.8% of the project completed.
Diar bought the land three years ago from Qatari developer Barwa, which won the lands in 2007 through a public land auction.