Emaar Misr for Development, a unit of Dubai’s Emaar Properties, announced the legal proceedings regarding the case filed by state-owned El Nasr Housing and Development have been suspended for another four weeks “with the purpose of reaching a settlement,” Invest-Gate reports.

In March, Emaar said in a bourse filing the arbitration case filed by El Nasr is still being reviewed by the Cairo Regional Center for International Commercial Arbitration. The negotiations between the two companies over their two-year-old dispute are positive, signaling a potential resolution, the statement added.

Earlier in 2005, Emaar 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 led El Nasr to take legal action against Emaar 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.