"Narrative Summit" Releases 2025 Recommendations to Cement Egypt's Position as a Global Tourism Destination    Egypt, S.Arabia step up trade ties through coordination council talks    Egypt reviews progress on $200m World Bank-funded waste management hub    Egypt urges Israel to accept Gaza deal amid intensifying fighting    Egypt, ADIB explore strategic partnership in digital healthcare, investment    SCZONE, Tokyo Metropolitan Government sign MoU on green hydrogen cooperation    Egypt welcomes international efforts for peace in Ukraine    Al-Sisi, Macron reaffirm strategic partnership, coordinate on Gaza crisis    Contact Reports Strong 1H-2025 on Financing, Insurance Gains    Egypt, India's BDR Group in talks to establish biologics, cancer drug facility    AUC graduates first cohort of film industry business certificate    Egyptian pound down vs. US dollar at Monday's close – CBE    Egypt's FM, Palestinian PM visit Rafah crossing to review Gaza aid    Egypt prepares unified stance ahead of COP30 in Brazil    Egypt recovers collection of ancient artefacts from Netherlands    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt to inaugurate Grand Egyptian Museum on 1 November    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Government to cancel Sidi Abdel Rahman deal
Published in Daily News Egypt on 29 - 03 - 2007

CAIRO: The Holding Company for Tourism (HCT) announced yesterday it is launching legal action against Emaar Misr to reclaim the Sidi Abdel Rahman land plot sold for LE 1.2 billion earlier this month.
HCT's announcement came one day after the expiration of the deadline announced by the Ministry of Investment for Artoc Group to sell its 60 percent stake in Emaar Misr to Emaar Properties without reaching a deal.
According to an HCT statement, the company will begin "immediately reclamation procedures specified in the land sale contract and notify the local authorities in the Marsa Matrouh Governorate to take the "necessary actions. HCT added the ongoing dispute within Emaar Misr and its failure to execute the Sidi Abdel Rahman project in a timely manor has left HCT "concerned over the security of the down-payments made by early subscribers to the project.
Earlier this week, the Capital Market Authority (CMA) declined Emaar Misr's application for share-listing Sunday, citing the company s failure to submit financial statements reflecting the company's activities over a one-year period.
Emaar Misr has since filed an appeal to the CMA's decision, insisting on listing the company's shares as a prerequisite to selling its stake. In a statement earlier yesterday, Artoc Group Spokeswoman Reham Yaseen said the company has fulfilled all of its obligations including depositing its share of the company's issued capital at Arab African International Bank and wished to terminate the partnership as soon as the UAE side makes its deposit.
Emaar Properties was not available for comment as of press time. The company has avoided commenting to the media since the beginning of its operations in Egypt with the establishment of Emaar Misr in March, 2005.
The last statement made by Emaar Properties came on March 13, when the company announced it has agreed with Artoc Group to acquire 100 percent of Emaar Misr by March 27. No deal value has been disclosed but media reports from Noozz and Al Alam Al Youm estimate Artoc is set to receive $160 million (LE 900 million) for its share.
According to Artoc Group Chairman Shafik Gabr, Emaar Misr now controls LE 6 billion in assets. The company has already launched construction of a $4 billion (LE 23 billion) residential development in El Mokattam and has finalized plans for the Sidi Abdel Rahman Marasi project, but is yet to begin construction.
Artoc Group and Emaar Properties have, on separate occasions, announced Emaar Misr is looking for more development opportunities on the Red Sea coast and in the Nile Valley between Luxor and Aswan to capitalize on the recent trend of developing the second home concept in Egypt for Arabs and Europeans.


Clic here to read the story from its source.