Emaar to pay El Nasr EGP 100 mn to settle dispute

DISPUTE WATCH- Emaar to pay El Nasr EGP 100 mn to settle dispute: Property developer Emaar Misr has agreed to pay state-owned El Nasr Housing EGP 100 mn to settle their dispute, Public Enterprises Minister Hisham Tawfik told Al Mal. Emaar said earlier this week that the two companies will drop all arbitration cases against each other as part of a dispute resolution agreement signed last week. The agreement settled all technical, financial, and procedural points and is set for review by the cabinet, the company had said.

Background: El Nasr brought an arbitration case against the local subsidiary of UAE-based Emaar in June 2017, alleging the company had failed to develop 3 mn sqm of land allotted to it in 2005, and that it unlawfully took 215k sqm within the borders of its Uptown Cairo project. Emaar will now resume its development work in the above mentioned land plot, sources told Al Mal.