{"id":594825,"date":"2019-09-09T04:11:23","date_gmt":"2019-09-09T04:11:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/09\/emaar-misr-nears-resolution-on-el-nasr-dispute\/"},"modified":"2019-09-09T04:11:23","modified_gmt":"2019-09-09T04:11:23","slug":"emaar-misr-nears-resolution-on-el-nasr-dispute","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2019\/09\/09\/emaar-misr-nears-resolution-on-el-nasr-dispute\/","title":{"rendered":"Emaar Misr nears resolution on El Nasr dispute"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-04\"><\/a> <b>DISPUTE WATCH- Egypt and UAE\u2019s Emaar sign preliminary settlement agreement on El Nasr dispute: <\/b>Property developer Emaar Misr has signed a preliminary agreement with the Egyptian government on a proposed settlement to resolve a dispute with state-owned El Nasr Housing over the Emirati company\u2019s alleged failure to develop 3 mn sqm of land allotted to it in 2005, <a href=\"https:\/\/www.shorouknews.com\/news\/view.aspx?cdate=08092019&id=67d01057-accb-411c-ab38-570f96a687c9\">Al Shorouk reports<\/a>. The proposed settlement, which will be presented to state-owned El Nasr, involves Emaar paying El Nasr a cash settlement in return for granting them time to complete the Uptown Cairo project, Saher Faseeh, El Nasr\u2019s legal advisor said, without providing further details. The two sides have also agreed to freeze legal proceedings until they reach a final settlement. El Nasr\u2019s general assembly is expected to convene within the next two weeks to discuss the settlement and end the dispute.<\/p>\n<p><b>Background: <\/b>El Nasr brought an arbitration case against the local subsidiary of UAE-based Emaar in June 2017, claiming 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. The dispute also included a 500k sqm land plot, which Emaar was accused of using for construction instead of roadworks and green areas. The cabinet <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/11\/madbouly-cabinet-signs-off-on-el-nasr-emaar-settlement\/\">in July<\/a> said the two sides had reached a settlement agreement, but it remains unclear what prompted them to go back to the drawing board. Deputy Justice Minister for Arbitration and International Disputes Judge Moustafa El Bahabety had <a href=\"https:\/\/enterprise.press\/stories\/2019\/07\/08\/emaar-el-nasr-sign-dispute-resolution-agreement\/\">told Enterprise<\/a> the settlement would see both sides drop all arbitration cases against each other and Emaar pay EGP 100 mn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DISPUTE WATCH- Egypt and UAE\u2019s Emaar sign preliminary settlement agreement on El Nasr dispute: Property developer Emaar Misr has signed a preliminary agreement with the Egyptian government on a proposed settlement to resolve a dispute with state-owned El Nasr Housing over the Emirati company\u2019s alleged failure to develop 3 mn sqm of land allotted to [&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":[957,9091,1527,72,2380,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-594825","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-dispute-watch","tag-el-nasr-housing-and-development","tag-emaar-misr","tag-enterpriseam","tag-speed-round","tag-uae","wpautop","entry"],"acf":{"mongo_id":"45f32d66-4a5d-4b47-8674-da3228bac904","is_powered_by":true,"section_story_id":"66e94785-feb3-4474-a741-622d688ca2bb","story_type":"1","photo_url":"","photo_position":"above","related_issue":[594815],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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Shalakany also represented Sharm Dreams Group in its agreements with\u2026","rel":"","context":"In &quot;Law&quot;","block_context":{"text":"Law","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/law\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":629203,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/24\/emaar-misr-el-nasr-reach-settlement-agreement-in-uptown-cairo-land-dispute\/","url_meta":{"origin":594825,"position":2},"title":"Emaar Misr, El Nasr reach settlement agreement in Uptown Cairo land dispute","author":"enterpriseam admin","date":"24 May 2018","format":false,"excerpt":"El Nasr Housing and Reconstruction appears to have accepted Emaar Misr\u2019s offer to settle their dispute over land for Uptown Cairo, Public Enterprises Minister Khaled Badawy told the press yesterday, Al Mal reports. Badawy said state-owned El Nasr would have lost the international arbitration case it filed against Emaar last\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":603032,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/04\/14\/is-emaar-misrs-egp-878-mn-donation-to-the-state-related-to-its-ongoing-dispute-with-el-nasr-housing\/","url_meta":{"origin":594825,"position":3},"title":"Is Emaar Misr\u2019s EGP 878 mn donation to the state related to its ongoing dispute with El Nasr Housing?","author":"enterpriseam admin","date":"14 April 2019","format":false,"excerpt":"Watch this space: Emaar Misr has donated EGP 878 mn to national megaprojects, a form of corporate largesse that Public Enterprise Minister Hisham Tawfik told Al Mal over the weekend is unrelated to the real estate developer\u2019s ongoing dispute with state-owned El Nasr Housing. The donation was announced on Thursday\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":629042,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/21\/el-nasr-to-escalate-legal-dispute-with-emaar-misr-over-uptown-cairo-land\/","url_meta":{"origin":594825,"position":4},"title":"El Nasr to escalate legal dispute with Emaar Misr over Uptown Cairo land","author":"enterpriseam admin","date":"21 May 2018","format":false,"excerpt":"Emaar Misr\u2019s dispute with El Nasr over Uptown Cairo land isn\u2019t over: State-owned El Nasr Housing and Reconstruction reportedly plans to proceed with the arbitration suit it filed last July against Emaar Misr, which alleges that the latter owes it EGP 1 bn and 3 mn sqm of land in\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":600041,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/01\/17\/emaar-vs-el-nasr-dispute-resolved-minister-says\/","url_meta":{"origin":594825,"position":5},"title":"Emaar vs. El Nasr dispute resolved, minister says","author":"enterpriseam admin","date":"17 January 2019","format":false,"excerpt":"Emaar vs. El Nasr dispute resolved, minister says: A settlement has been reached between Emaar Misr and state-owned El Nasr Housing & Reconstruction over a disputed land plot and delays in execution pertaining Emaar\u2019s Uptown Cairo project, Public Enterprise Minister Hisham Tawfik tells Masrawy. 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