Cairo – Mubasher: Emaar Misr for Development is in advanced talks with the concerned authorities to regularise its ownership of its 138-feddan land in Sheikh Zayed, according to a bourse disclosure on Wednesday.

The head of Sheikh Zayed Development Authority Mostafa Fahmy previously told Mubasher that the real estate developer has purchased a 68.5-feddan land, representing 50% of its owned land in Sheikh Zayed, that was previously waived in exchange for fees imposed on the company for changing the use of the land from agricultural to residential purpose. 

It is worth mentioning that during the first nine months of 2019, Emaar Misr posted a consolidated net profit of EGP 628.99 million, compared to EGP 1.76 billion in the prior-year period, including minority shareholders’ rights.