Emaar Misr, Cairo-based unit of UAE’s Emaar Properties, has confirmed that Marrasi’s land is legally and fully registered at the Egyptian Land Registry under the developer’s name, Invest-Gate reports.

This came after Reuters news agency reported that businessman Waheed Raafat has filed a legal case against Emaar Misr claiming to own 400 acres of the land plot on which real estate developer Emaar Misr has built its Marassi compound on the North Coast.

Emaar stressed that any legal challenge over the status of the land is “baseless,” adding that it purchased the land from the government through an auction, according to a bourse filing on August 19.

The EGX-listed developer also emphasized the strength of its legal position on the matter and there is nothing that its clients should worry about, adding that it will handle all false allegation through all the relevant legal channels.

On August 6, Emaar Misr reported a 91% drop year-on-year (YoY) in its profits during the first half of 2019. The company’s net profits fell to EGP 94.29 mn in the six-month period ended on June 30, compared to EGP 1.10 bn in the prior-year period.