Palm Hills Development (PHD) denies claims by Al Shorouk this week that the developer offered to acquire Qatari Diar’s Egyptian investments, the company said in a statement carried by Al Mal. A news story on Sunday said that PHD Chairman Yassin Mansour had made an offer for Diar’s New Cairo City Gate development, which has been the subject of an ongoing legal dispute with the New and Urban Communities Authority (NUCA). The sources also claimed that businessman Naguib Sawiris had made Diar a EGP 35 bn offer to acquire all of its local assets and that a state-owned company had also expressed interest.

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