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11-Jul-2019

Cabinet signs off Emaar Misr/El Nasr settlement

The Cabinet signed off the settlement agreement between Emaar Misr and El Nasr Housing (El Nasr). The terms of the settlement will see both sides drop all arbitration cases against each other, Deputy Justice Minister for Arbitration and International Disputes Judge Mostafa El Bahabety told Enterprise. He also confirmed that Emaar Misr will pay EGP100mn to settle the issue, in addition to committing to a timetable to complete the development of Uptown Cairo by 2028 and returning 5% of the land to Cairo Governorate. El Nasr is to facilitate all licensing required to complete the development of the project, and register the land a for project in the Real Estate Registry, thereby alleviating Emaar from the procedural requirements and red tape to get the project up and running. 
 
Emaar Misr for Development: EGP3.28 as of 10 Jul. 2019, Rating: Buy, TP: EGP5.60/share, MCap: USD898mn, EMFD EY/EMFD.CA