{"id":573469,"date":"2020-08-06T04:03:12","date_gmt":"2020-08-06T04:03:12","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/"},"modified":"2020-08-06T04:03:12","modified_gmt":"2020-08-06T04:03:12","slug":"acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/","title":{"rendered":"Acquisition talks between OIH, Qatari Diar for City Gate project end without agreement"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-03\"><\/a> <strong>M&A WATCH- Talks that could have seen Naguib Sawiris acquire City Gate from <\/strong><strong>developer Qatari Diar have collapsed <\/strong>after the two failed to land necessary approvals within an agreed timeframe, Orascom Investment Holding said in a <a href=\"https:\/\/www.egx.com.eg\/downloads\/News\/%D8%A7%D9%88%D8%B1%D8%A7%D8%B3%D9%83%D9%88%D9%85%20%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AB%D9%85%D8%A7%D8%B1%20%D8%A8%D9%8A%D8%A7%D9%86%2005-08-2020.pdf\">disclosure (pdf)<\/a> yesterday. Sources said <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c70f6c7-ac26-4b0c-b66a-ef258b1a1e72\">earlier this year<\/a> that OIH Chairman Naguib Sawiris had agreed in principle with Qatari Diar to acquire a 60% stake in the project through his real estate business Ora Developers, rather than OIH. The two sides were waiting on the New Urban Communities Authority (NUCA) to approve a deadline extension for the project beyond 2021, which <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7861345f-c750-41d3-81a9-fbc6bdbaa1aa\">sources said last month<\/a> was contingent on the acquisition going ahead. The project is owned by Qatari Diar subsidiary East Gate Developments.<\/p>\n<p><strong>Back to the drawing board for Diar: <\/strong>Diar <a href=\"https:\/\/enterprise.press\/stories\/2016\/08\/25\/qatari-diar-planning-exit-from-city-gate-project\/\">has long sought<\/a> an exit strategy from the New Cairo development \u2014 which it says is now valued at north of EGP 32 bn \u2014 after consistently failing to deliver on construction targets, which it had blamed on equipment theft, vandalism and <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a1bc8420-8e75-49a8-8421-4fabc695dc5a\">worker intimidation<\/a> by armed groups. The Qatari developer has tried to terminate contracts, return customer installments and even renegotiate contracts to reel themselves out of the onslaught of lawsuits from City Gate clients. The agreement with Sawiris would have seen the two companies forming a partnership to develop the project, and Diar paying <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/6c70f6c7-ac26-4b0c-b66a-ef258b1a1e72\">a EGP 1.25 bn fine<\/a> to NUCA for the delay in completing the project.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;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 agreed in principle with Qatari [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[8572],"tags":[10198,72,2065,599,296,83,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-573469","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-diar","tag-enterpriseam","tag-naguib-sawiris","tag-ora-developers","tag-qatar","tag-real-estate","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"95746c70-6d1c-4538-88e8-9511f9752f33","is_powered_by":true,"section_story_id":"aaa2b485-2ac7-44a7-a97c-5b3247eafeb0","story_type":"1","photo_url":"","photo_position":"above","related_issue":[573459],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Acquisition talks between OIH, Qatari Diar for City Gate project end without agreement - 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\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Acquisition talks between OIH, Qatari Diar for City Gate project end without agreement\" \/>\n<meta property=\"og:description\" content=\"M&amp;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 agreed in principle with Qatari [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-06T04:03:12+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Acquisition talks between OIH, Qatari Diar for City Gate project end without agreement\",\"datePublished\":\"2020-08-06T04:03:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/\"},\"wordCount\":244,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"Diar\",\"EnterpriseAM\",\"Naguib Sawiris\",\"Ora Developers\",\"Qatar\",\"real estate\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2020\/08\/06\/acquisition-talks-between-oih-qatari-diar-for-city-gate-project-end-without-agreement\/\",\"name\":\"Acquisition talks between OIH, Qatari Diar for City Gate project end without agreement - 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The acquisition would resolve Qatari\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":[]},{"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":573469,"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 &quot;Speed Round&quot;","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":567151,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/14\/qatari-diar-offers-olive-branch-to-litigious-city-gate-clients\/","url_meta":{"origin":573469,"position":2},"title":"Qatari Diar offers olive branch to litigious City Gate clients","author":"enterpriseam admin","date":"14 January 2020","format":false,"excerpt":"Qatari Diar offers City Gate customers quid pro quo: Qatari Diar has offered amended contract terms to clients of its City Gate project in exchange for them dropping lawsuits against the company, according to Al Shorouk. A number of Qatari Diar\u2019s customers began legal proceedings after the company \u2014 which\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/1\/596.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":631718,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/26\/naguib-sawiris-yassin-mansour-offer-to-buy-qatari-diar-out-of-egypt\/","url_meta":{"origin":573469,"position":3},"title":"Naguib Sawiris, Yassin Mansour offer to buy Qatari Diar out of Egypt?","author":"enterpriseam admin","date":"26 March 2018","format":false,"excerpt":"Naguib Sawiris, Yassin Mansour offer to buy Qatari Diar out of Egypt? Businessmen Naguib Sawiris and Yassin Mansour are reportedly looking to buy real estate developer Qatari Diar\u2019s Egyptian investments, sources claimed to Al Shorouk. Naguib was said to have made Diar a EGP 35 bn offer to acquire all\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":559128,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/11\/qatari-diar-to-resume-city-gate-project\/","url_meta":{"origin":573469,"position":4},"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 &quot;Real estate&quot;","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":631774,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/27\/phd-denies-making-offer-on-qatari-diar-assets\/","url_meta":{"origin":573469,"position":5},"title":"PHD denies making offer on Qatari Diar assets","author":"enterpriseam admin","date":"27 March 2018","format":false,"excerpt":"Palm Hills Development (PHD) denies claims by Al Shorouk this week that the developer offered to acquire Qatari Diar\u2019s Egyptian investments, the company said in a statement carried by Al Mal. 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