Ruling on El Nasr vs. Emaar dispute coming soon? The Cairo Regional Center for International Commercial Arbitration is expected to issue a ruling on state-owned El Nasr Housing and Reconstruction’s dispute with Emaar Misr over land for the latter’s Uptown Cairo project “soon,” sources with knowledge of the matter tell Al Shorouk. The arbitration center completed last week its review of all the pertinent documents in the case, and the two companies are waiting on the center’s final ruling on the case. El Nasr has refused all settlement proposals, according to the sources, despite a board member from the company saying in May that its general assembly had voted to accept Emaar’s EGP 100 mn settlement offer for allegedly failing to develop 3 mn sqm of land allotted to it back in 2005. The state-owned company also alleges that there are 215k sqm of Uptown that are technically outside the project’s borders.

Tags: