{"id":628571,"date":"2018-05-08T04:12:37","date_gmt":"2018-05-08T04:12:37","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project\/"},"modified":"2018-05-08T04:12:37","modified_gmt":"2018-05-08T04:12:37","slug":"govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project\/","title":{"rendered":"Gov\u2019t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-05\"><\/a> <strong>EXCLUSIVE- Gov\u2019t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project:<\/strong> The government has halted settlement talks with Qatari Diar over the company\u2019s EGP 16 bn Hurghada resort, government sources tell Enterprise. The company has made no attempts to settle the dispute or engage with the government in over year, the sources added. The company continues to not meet its obligations as per the agreement, they allege.<\/p>\n<p><strong>Background:<\/strong> Under an agreement signed with the Tourism Development Authority (TDA) back in 2006, Diar was to establish a company to develop a 29 mn sqm resort in Hurghada with a paid up capital of EGP 1 bn, to which it had only paid up EGP 293 mn as of 2016. Under Egyptian law, the company had five years to meet the paid up capital requirements, the sources said. They added that the company had also only paid USD 49 mn of a USD 62 mn price tag on the land. It\u2019s worth noting that the company\u2019s other projects have also been stalled, including the City Gate project in New Cairo and a 300k sqm resort in Sharm El Sheikh.<\/p>\n<p><strong>Potential arbitration case in the offing? <\/strong>The lack of a settlement could potentially open the door for an arbitration suit by Diar. Rumors <a href=\"https:\/\/enterprise.press\/stories\/2016\/05\/30\/is-qatari-diar-filing-arbitration-case-against-egypt-to-back-out-of-egp-1-bn-project\/\">back in 2016<\/a> had surfaced that the company was indeed considering an arbitration case over the Hurghada project.<\/p>\n<p><strong>...or even a buyout? <\/strong>Also coming from the rumor mill were <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/26\/naguib-sawiris-yassin-mansour-offer-to-buy-qatari-diar-out-of-egypt\/\">reports in March<\/a> that Naguib Sawiris, who himself stated last month that he plans to invest heavily in real estate, made Diar a EGP 35 bn offer to acquire all of its local assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>EXCLUSIVE- Gov\u2019t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project: The government has halted settlement talks with Qatari Diar over the company\u2019s EGP 16 bn Hurghada resort, government sources tell Enterprise. The company has made no attempts to settle the dispute or engage with the government in over year, the sources [&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":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-628571","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"ccb93e12-c634-4efa-bc01-c52d49961cd4","order":"0","is_powered_by":true,"section_story_id":"3b49aff1-038a-4570-b2d6-44b5736c268c","story_type":"1","photo_url":"","photo_position":"above","related_issue":[628561],"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>Gov\u2019t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project - 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\/2018\/05\/08\/govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project\" \/>\n<meta property=\"og:description\" content=\"EXCLUSIVE- Gov\u2019t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project: The government has halted settlement talks with Qatari Diar over the company\u2019s EGP 16 bn Hurghada resort, government sources tell Enterprise. The company has made no attempts to settle the dispute or engage with the government in over year, the sources [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-08T04:12:37+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\/2018\/05\/08\/govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Gov\u2019t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project\",\"datePublished\":\"2018-05-08T04:12:37+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project\/\"},\"wordCount\":282,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"EnterpriseAM\",\"SPEED ROUND\"],\"articleSection\":[\"Speed Round\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/08\/govt-halts-settlement-talks-with-qatari-diar-over-egp-16-bn-hurghada-project\/\",\"name\":\"Gov\u2019t halts settlement talks with Qatari Diar over EGP 16 bn Hurghada project - 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Sources said earlier this year that OIH Chairman Naguib Sawiris had\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":581776,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/23\/govt-to-offer-guaranteed-prices-for-farmers-plus-news-from-qatari-diar\/","url_meta":{"origin":628571,"position":2},"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 &quot;Also on our Radar&quot;","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":568845,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/02\/05\/egyptian-bnaire-naguib-sawiris-acquires-60-of-qatari-diars-city-gate-project\/","url_meta":{"origin":628571,"position":3},"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. 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