The conflict between Emaar Misr and El Nasr Housing has been resolved, Minister of Business Sector Khaled Badawi confirms. El Nasr will release the international arbitration filed against Emaar Misr and Emaar Misr will pay EGP 100 mn, Al-Ahram reports.

Earlier in 2005, Emaar Misr bought a 4 mn- meter- land in Al Mokattam, the dispute started after discovering that Emaar Misr had acquired 200,000 meters extra in 2006.

El Nasr requested Emaar Misr to pay the difference as per the current land value and not that of 2005; a condition rejected by Emaar Misr.

Badawi says that the reconciliation was the ideal scenario. “El Nasr based their case on that Emaar did not finish constructions, however, Emaar reasonable ground is that permissions are not finished yet,” he says.