{"id":547659,"date":"2022-07-03T04:23:00","date_gmt":"2022-07-03T04:23:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/as-we-have-stories-like-these\/"},"modified":"2022-07-03T04:23:00","modified_gmt":"2022-07-03T04:23:00","slug":"as-we-have-stories-like-these","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/as-we-have-stories-like-these\/","title":{"rendered":"\u2026As we have stories like these"},"content":{"rendered":"

Court strikes down case against Qatari + other Arab investors: <\/strong>An Egyptian court last week acquitted a number of Arab investors connected to Qatari Diar of tax evasion, according to a document seen by Enterprise.<\/p>\n

What tax evasion case? <\/strong>Qatar\u2019s Barwa Real Estate offloaded most of its assets<\/a> \u2014 including its Egyptian subsidiary \u2014 to Qatari Diar in 2014 to settle its debts. The subsidiary at the time was named Barwa Egypt for Real Estate Development, but has since rebranded as East Gate Developments and sold stakes in the project to three other shareholders. The Egyptian Tax Authority slapped a EGP 6.5 bn tax evasion case on Barwa\u2019s management, who the authority argued should be subject to income tax because they represent a resident company, as well as the capital gains tax. The tax, which imposes a 10% levy on any EGX transaction or sale of shares where investors make gains, was briefly introduced in 2015 before being suspended and reintroduced this year<\/a>.<\/p>\n

Why the court dismissed the case: <\/strong>The sale in 2014 was made before the capital gains tax came into effect, although the case was filed after the tax was introduced, the court ruled. It also said it did not find the claim that the company is a \u201cresident company\u201d to be valid, and that it is \u201cnot permissible for us to overread or expand on writings of the law and its penalties,\u201d according to the ruling.<\/p>\n

MEANWHILE- An administrative court also upheld a landmark <\/strong>ruling<\/a><\/strong> that sets an important precedent for real estate M&A.<\/strong> The ruling \u2014 which came out of another case against Qatari Diar\u2019s<\/a> East Gate Developments in 2019 \u2014 essentially stops the New Urban Communities Authority (NUCA) from classifying land ownership changes through real estate M&A as \u201cindirect sales,\u201d and so charging land transfer fees to companies that undergo M&A, Shahid Law Firm Managing Partner Girgis told Enterprise. The dispute was between Diar and the NUCA, which had attempted to slap an EGP 1.3 bn fine on East Gate over its purchase of a land plot for its City Gate Project.<\/p>\n

No more appeals:<\/strong> The court\u2019s decision to uphold the ruling is final, sources with knowledge of the matter told Enterprise.<\/p>\n

This should go a long way to ease investor concerns as our investment drive goes on: <\/strong>Egypt has been pushing to lure investments into the country, particularly from allies in the GCC, who pledged over USD 22 bn in support of our finances. Qatar said in March it would invest USD 5 bn in Egypt to help shore up the economy \u2014 and Qatari officials have so far discussed investing USD 2-3 bn<\/a> in the local market in talks with the Madbouly government, Finance Minister Mohamed Maait said earlier this week. Qatari Diar is one of the firms that has <\/strong>expressed interest<\/a><\/strong> in expanding its footprint here. <\/strong><\/p>\n

Shahid Law Firm defended the investors. <\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Court strikes down case against Qatari + other Arab investors: An Egyptian court last week acquitted a number of Arab investors connected to Qatari Diar of tax evasion, according to a document seen by Enterprise. What tax evasion case? Qatar\u2019s Barwa Real Estate offloaded most of its assets \u2014 including its Egyptian subsidiary \u2014 to […]<\/p>\n","protected":false},"author":1,"featured_media":547660,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8678],"tags":[957,68,72,296,2112,288],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dispute-watch","tag-dispute-watch","tag-egx","tag-enterpriseam","tag-qatar","tag-qatari-diar","tag-tax-authority","wpautop","entry"],"acf":{"mongo_id":"a599c957-345f-45fb-9737-311d6f4ca991","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/80.jpg","photo_position":"above","related_issue":[547651],"teaser":"","voice_url":""},"yoast_head":"\n\u2026As we have stories like these - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/03\/as-we-have-stories-like-these\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2026As we have stories like these\" \/>\n<meta property=\"og:description\" content=\"Court strikes down case against Qatari + other Arab investors: An Egyptian court last week acquitted a number of Arab investors connected to Qatari Diar of tax evasion, according to a document seen by Enterprise. 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overturns NUCA decision to fine Qatari Diar\u2019s East Gate EGP 1.3 bn: The Council of State\u2019s (Maglis El Dawla) administrative court has overturned a decision from the New Urban Communities Authority (NUCA) to hand a EGP 1.3 bn fine to Qatari Diar subsidiary East Gate Developments over\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/7\/200.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594136,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/21\/sawiris-ora-in-talks-with-qatari-diar-for-51-stake-in-egypts-citygate\/","url_meta":{"origin":547659,"position":1},"title":"Sawiris\u2019 Ora in talks with Qatari Diar for 51% stake in Egypt\u2019s CityGate","author":"enterpriseam admin","date":"21 October 2019","format":false,"excerpt":"M&A WATCH- Ora Developers in talks with Qatari Diar for 51% stake in CityGate: Naguib Sawiris\u2019 Ora Developers is in \u201cadvanced talks\u201d to acquire a 51% stake in the Qatari Diar-owned company developing the CityGate project in New Cairo for USD 800 mn, unnamed sources said, according to Al Shorouk.\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/2\/2747.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559128,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/11\/qatari-diar-to-resume-city-gate-project\/","url_meta":{"origin":547659,"position":2},"title":"Qatari Diar to resume City Gate project","author":"enterpriseam admin","date":"11 January 2021","format":false,"excerpt":"Qatari Diar will resume work on its CityGate project after getting the green light from the New Urban Communities Authority (NUCA), seemingly putting an end to a four-year dispute over the developer failing to deliver on construction targets, Al Shorouk reports, citing unnamed sources. East Gate, owner of the development\u2026","rel":"","context":"In "Real estate"","block_context":{"text":"Real estate","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/real-estate\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":581776,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/govt-to-offer-guaranteed-prices-for-farmers-plus-news-from-qatari-diar\/","url_meta":{"origin":547659,"position":3},"title":"Gov\u2019t to offer guaranteed prices for farmers. PLUS: News from Qatari Diar.","author":"enterpriseam admin","date":"23 February 2023","format":false,"excerpt":"COMMODITIES-Farmers to sell corn, soy and sunflower to gov\u2019t at guaranteed prices: Ministers approved yesterday setting price floors for corn, soybean and sunflower crops sold by farmers to the government, cabinet said in a statement. Following the decision, GASC will purchase soybeans at a minimum price of EGP 18k per\u2026","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/Egypt-farm-1600px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573469,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/","url_meta":{"origin":547659,"position":4},"title":"Acquisition talks between OIH, Qatari Diar for City Gate project end without agreement","author":"enterpriseam admin","date":"6 August 2020","format":false,"excerpt":"M&A WATCH- Talks that could have seen Naguib Sawiris acquire City Gate from developer Qatari Diar have collapsed after the two failed to land necessary approvals within an agreed timeframe, Orascom Investment Holding said in a disclosure (pdf) yesterday. Sources said earlier this year that OIH Chairman Naguib Sawiris had\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":568845,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/","url_meta":{"origin":547659,"position":5},"title":"Egyptian bn\u2019aire Naguib Sawiris acquires 60% of Qatari Diar's City Gate project","author":"enterpriseam admin","date":"5 February 2020","format":false,"excerpt":"M&A WATCH- Naguib\u2019s Ora Developers acquires 60% of Qatari Diar's City Gate project: Egyptian businessman Naguib Sawiris has agreed in principle to acquire 60% of Qatari Diar's stalled City Gate project through Ora Developers for USD 658 mn, the local press reports, citing unnamed sources. The acquisition would resolve Qatari\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/2\/73.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=547659"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/547659\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/547651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/547660"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=547659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=547659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=547659"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=547659"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=547659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}