Cairo – Mubasher: Emaar Misr for Development, an Egyptian unit of the Dubai-based real estate firm Emaar Properties, denied reports claiming that the company will not be able to register the sale of residential units sold to its customers in Marassi on the North Coast.

The real estate developer stressed that claims of ownership of part of Marassi project land by a businessman are baseless, according to a statement to the Egyptian Exchange (EGX) on Tuesday.

After reviewing all submitted ownership claims of Marassi project land, the Real Estate Registration Office registered the land in the name of Emaar Misr, the company affirmed.

The Marassi project land was purchased by Emaar Misr in a public auction carried out by the Egyptian government and the price was paid in full.   

These claims will have no financial impact on the company, the statement added.

During the first half of 2019, the property developer’s net profits slid to EGP 94.29 million, compared to EGP 1.10 billion in the year-ago period, including minority shareholders’ rights.

Sales retreated to EGP 1.45 billion in H1-19 from EGP 1.75 billion in H1-18.

As for standalone business, Emaar Misr posted a profit of EGP 94.29 million in the six-month period ended 30 June, compared to EGP 1.1 billion in the corresponding period a year earlier.

During the second quarter of 2019, the company incurred losses of EGP 324.3 million, versus a profit of EGP 598.49 million in Q2-18, the company’s consolidated financial results showed.