El Nasr Housing and Development, a subsidiary of the Egyptian Ministry of Public Enterprise, has signed a settlement agreement with Emaar Misr for Development to end a dispute regarding a project located in Mokattam.
Under the deal, Emaar Misr for Development, an Egyptian unit of the UAE-based Emaar Properties, will pay EGP 100 million as a compensation to El Nasr Housing and Development and complete the entire project by mid-2028 as scheduled, according to a statement released by the Egyptian cabinet on Thursday.
Emaar Misr will also be obliged to pay any arbitration expenses incurred by El Nasr Housing and Development.
Emaar Properties still considers to tap into investment opportunities in the most populous Arab nation, chairman of Emaar Properties, Mohamad Al Abbar, said.
Every year, the real estate sector in Egypt attracts huge local and foreign investments.
This has led to the creation of new jobs in the market, Al Abbar added, noting that Emaar Properties has created 15,000 direct and indirect jobs in Egypt.