Cairo – Mubasher: Emaar Misr for Development announced signing a preliminary agreement with El Nasr Housing and Development to end a dispute regarding Uptown Cairo land.
El Nasr Housing and Development agreed to drop its lawsuit against Emaar Misr and the latter will also drop its counter-lawsuit, Emaar Misr said in a statement to the Egyptian Exchange (EGX) on Sunday.
The preliminary settlement agreement will be submitted to the ministerial committee for dispute settlement and will be reviewed afterwards by the cabinet.
It is noteworthy that El Nasr Housing and Development raised a lawsuit at the Cairo Regional Center For International Commercial Arbitration, demanding Emaar Misr to pay a compensation of EGP 1 billion and return 3 million square metres of land in Mokattam as it claims that Emaar Misr failed to develop the land.
During the first quarter of 2019, Emaar Misr reported a profit of EGP 418.6 million, compared to EGP 503.2 million in the year-ago period, including minority shareholders’ rights.
Revenues slid to EGP 566.6 million in Q1-19 from EGP 830.7 million in the prior-year quarter.
At the level of standalone business, the company logged a profit of EGP 418.6 million from January to March, compared to EGP 503.2 million in Q1-18.