CAIRO: Emaar Misr has responded to recent news reports regarding the stirrings of a crisis between it and the Cairo governorate over its Uptown Cairo project in Moqattam by stating that they are committed to implementing their projects. The Egyptian press had reported that the Cairo governor, Abdel-Azim Wazir, had issued a directive to halt construction on the Uptown Cairo project, following the Duweiqa rockslide disaster earlier last month. In a statement released to Daily News Egypt, Emaar Misr CEO Sameh Muhtadi said, "In Egypt, Emaar Misr the wholly owned subsidiary of Emaar Properties is already one of the largest foreign direct investors, and we are committed to implementing all the projects announced so far. Wazir had issued a directive to halt all construction works in Moqattam until a technical committee it had put together released its findings on the integrity of the hill, especially at its edges. According to local press reports, Emaar Misr is refusing to halt construction on its Uptown Cairo project and is proceeding with the project. Additionally, Emaar had requested from Cairo Governor Abdel-Azim Wazir to clarify the governorate's decision. Muhtadi stressed that the project complied with all requisite governmental stipulations and that its delivery - slated for 2010 - was already ahead of time. "Emaar Misr is already ahead of schedule on Uptown Cairo, and undertakes construction of its projects in Egypt, including Uptown Cairo, as per governmental regulations and policies, he said. The rockslide in the shantytown of Duweiqa caused the deaths of at least 105 residents who were crushed when the boulders at the edge of the mountain slid off flattening the makeshift houses underneath. A group named Citizens Against Price Hikes submitted a complaint to the Prosecutor General's office in the wake of the rockslide in which they specifically stipulated that work on the Emaar development project in Moqattam, Uptown Cairo, contributed to the rockslide in Duweiqa. "Emaar Properties is committed to its global expansion and business segmentation strategy. The company has strong economic fundamentals, and driven by economies of scale and domestic demand, Emaar will continue to strengthen its operations in all its markets and also explore new growth opportunities, Muhtadi said.
