Qatari Diar’s hold up with the City Gate project is reportedly having an impact on its other projects. State-owned Al Montazah for Tourism and Investment issued a warning to Diar that it would file a lawsuit against the company if it fails to meet delivery on its 300K sqm resort in Sharm El Sheikh, Al Shorouk reports. Diar had asked for a one-year extension last month for the project, stating that the troubles in its City Gate project in New Cairo had kept it from meeting deadlines on other projects. The City Gate project in New Cairo has been on an indefinite hiatus since last year, when Diar claimed that armed men had taken control of the compound.
More from Enterprise
Banque du Caire’s blockbuster IPO holds firm against EGX selloff
The IFC and the EBRD are in for USD 100…
Electricity Ministry studies changing how your electricity bill gets calculated
The plan is still under study, and neither of the…
Africa’s corporate debt market is just 0.3% of the world’s, with Egypt’s share more than halved since 2010
The OECD puts Africa’s market-based corporate debt at USD 211…
DPI closes Egypt-born fintech fund Nclude at USD 112 mn
The final close adds roughly USD 7 mn to a…