Orascom Investment Holding (OIH) announced the end of negotiations with Qatari Diar Real Estate Investment Company and Bawabet Al Sharq Misr For Real Estate Development without receiving the required approvals to reach a mutually-acceptable agreement.
Orascom was eyeing the acquisition of a stake in Bawabet Al Sharq Al Qahira Al Gedida For Real Estate Development, the developer of City Gate project, according to a bourse disclosure on Wednesday.
In October 2019, Orascom said that it conducted feasibility studies of several investment opportunities, including its potential deal with Qatari Diar Real Estate Investment Company.
The agreement was contingent on prior governmental approval to amend the ownership structure and extend the project implementation period.
