Arabtec wins $112m contract for Emaar Misr's Uptown Cairo

UAE's Arabtec Construction awarded contract to build two urban projects within Mokattam development, Emaar Misr says

Uptown Cairo is an Emaar Misr project.
Screengrab / YouTube / Emaar Misr
Uptown Cairo is an Emaar Misr project.

Egyptian Exchange-listed Emaar Misr, the Egyptian arm of Dubai Financial Market-listed Emaar Properties, has awarded a $112.2m (AED412.2m) contract to the UAE’s Arabtec Construction – part of Arabtec Holding, which trades on DFM – for the construction of two urban projects within its Uptown Cairo project in Mokattam.

The contract award was confirmed in an Arabic-language statement signed by Mostafa El Kady, chief executive officer of Emaar Misr.

Emaar Misr’s latest contract to Arabtec follows a $43m (AED157m) deal awarded for Phases 3 and 4 of Village E Levana within Uptown Cairo in May 2018.

The Egyptian developer is caught in a land ownership dispute for the plot on which it is building Marassi, a mixed-use community in Egypt.

Earlier this month, Reuters reported that Emaar Misr was rejecting claims made by Raafat for 168ha (400 feddans) of the 630ha (1,500 feddans) plot of land on which Marassi is being built.

Emaar Misr said in a statement shared by Emaar Properties on DFM that the part-ownership claim was “frivolous” and that there were “no legal grounds to support it”. READ THE FULL STORY

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