Emaar Misr has announced signing a preliminary deed of settlement with the state-owned company El Nasr Housing and Development, dropping their arbitration cases filed at the Cairo Regional Center for International Commercial Arbitration, Invest-Gate reports.

The agreement includes compromises over procedural, technical, and financial disputes, according to Emaar’s bourse filing on July 7.

The signed settlement deal will be submitted to the Ministerial Committee for Settlement of Investment Contracts Disputes before passing it to the cabinet, read the filing.

Back in March, El Nasr Housing and Development accepted Emaar Misr’s offer to pay EGP 100 mn to settle over disputes emerged in 2006 following the discovery of the illegally acquired 215,000 square meters within Emaar’s Uptown Cairo compound.

However, March’s deal also stipulated that Emaar would finalize the project, and either return 5% of  the project’s land or buying it at market value; a condition that was rejected by the company.