Egypt’s El Nasr Housing and Development has signed on Thursday a settlement agreement with Emaar Misr, part of UAE’s Emaar Properties, to solve a dispute over a project in Mokattam area, east of Cairo.
The deal will see Emaar Misr paying 100 million Egyptian pounds ($6.1 million) in compensation to El Nasr Housing, while completing the project before mid-2028.
Emaar Misr is also required to pay any arbitration expenses incurred by El Nasr Housing.
Egyptian Prime Minister Moustafa Madbouly has witnessed the signing ceremony in the presence of Mostafa Elkady, Emaar Misr’s chief executive; and Hesham Anwar Abdalla, El Nasr Housing’s chairman.
In July 2017, El Nasr filed for arbitration in Cairo, demanding Emaar to pay 1 billion pounds and return 3 million square metres of land in Mokattam it said Emaar has failed to develop since it acquired it in a 2005 agreement.
