Egypt's unemployment rate falls in Q2 '25 – CAPMAS    EGP swings vs. USD in early Sunday trade    EGX launches 1st phone app    Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Egypt, Namibia explore closer pharmaceutical cooperation    Jordan condemns Israeli PM remarks on 'Greater Israel'    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egyptian, Ugandan Presidents open business forum to boost trade    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    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.



Gabr speaks out on Emaar furor, Artoc chief refutes newspaper talk
Published in Daily News Egypt on 24 - 04 - 2007

CAIRO: Artoc Chairman Mohammed Shafik Gabr spoke to the press Monday on the infamous Emaar project which had tongues wagging in the Egyptian press over Gabr's reasons for selling his stake in the company to his Emirate partners.
Citing "differences between him and his then partners Dubai firm Emaar Properties, Gabr said "the partnership couldn't continue .
Gabr continued: "The Dubai partners had 40% and wanted a majority stake so negotiations began with us in on it. The negotiations became public and differences arose.
He added, "I left in January 2007. Negotiations began to assess the value of assets until we reached an agreed upon valuation.
Artoc had signed a partnership with Emaar Properties to form Emaar Egypt, which developed real estate in places such as Moqqatam, New Cairo and Sidi Abdel-Rahman in Alexandria.
Egyptian newspapers reported at the time that Artoc had initially invested LE 50 million and sold their stake to Emaar Properties for LE 1 billion pounds, figures which Gabr refuted.
The Egyptian stake in the capital investment, which was 60 percent, totaled over LE 226 million out of the LE 377-million-initial-capital invested, according to Gabr.
Gabr also said that the Egyptian stake was sold for LE 804 million, not LE 1 billion as reported, and that this number included the initial Egyptian capital invested.
Artoc spokesperson Laila Shaker released a statement saying Artoc offered to buy out Emaar Properties for the same figure but in the end "negotiations were finalized to the complete satisfaction of both sides.
In the same meeting Gabr also called for speedy privatization in Egypt, or as an alternative, he called for all public sector companies to be distributed as shares to the people as was the case in eastern Europe after the fall of Communism.
"The citizen must own the public sector, he said.
Gabr also said that the three important factors for real economic development were a high growth rate of not less than 7 percent, human development for the job market and closing the gap between rich and poor.


Clic here to read the story from its source.