Emaar Misr for Development said the arbitration case filed by El Nasr Housing and Development is still under court review, confirming that negotiations are positive, Invest-Gate reports.
The case is still being reviewed by the Cairo Regional Center for International Commercial Arbitration and negotiations between the two companies over their two-year-old dispute are positive, signaling a potential resolution, Emaar Misr revealed in a bourse filing on March 4.
Earlier in 2005, Emaar Misr bought a 4-mn-square-meter land in east Cairo to develop Uptown Cairo. In 2006, disputes aroused after discovering that there are 215,000 square meters unlawfully existing within the compound’s borders.
This prompted state-owned El Nasr to file an arbitration case against Emaar Misr in June 2017, alleging that the latter failed to develop 3 mn square meters of land allotted to the developer in Uptown Cairo, east Cairo, within the scheduled six-year timeframe, pursuant to the contract signed in 2005.
The two companies had earlier reached an agreement whereby Emaar would pay EGP 100 mn to El Nasr for settlement. The deal also stipulated that the former would finalize the project, and either return 5% of Uptown’s land or buying it at market value; a condition rejected by the Emaar Misr.