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Orascom Investment, Qatari Diar in talks over potential deal

Orascom Investment, Qatari Diar in talks over potential deal
The deal is contingent on prior governmental approval
Orascom Investment Holding
OIH
-3.26% 0.42 -0.01

Cairo – Mubasher: Orascom Investment Holding (OIH) announced that it has conducted the feasibility studies of several investment opportunities, including its potential deal with Qatari Diar Real Estate Investment Company.

The Egyptian firm is still in talks with Qatari Diar to reach a mutually-acceptable agreement, according to a filing to the Egyptian Exchange (EGX) on Wednesday.

The agreement is contingent on prior governmental approval to amend the ownership structure and extend the project implementation period.

In addition, Orascom said a settlement agreement has to be reached between Qatari Diar and the state-run New Urban Communities Authority (NUCA) over the administrative fees related to amending the ownership structure.

Previously, media reports revealed that Ora Developers owned by the Egyptian businessmen Naguib Sawiris is in negotiations to acquire a stake in the company owned by Qatari Diar which develops City Gate project.