Marassi dispute: Emaar Misr faces decline in shares by 5.7%
Emaar developments need no introduction since the UAE-based company is one of the leading in the real-estate area.
Their properties promote a luxury and healthy lifestyle that serves your personal aesthetic well.
They have projects in Uptown Cairo, New Cairo, and recently in the very well known Marassi north coast.
Apparently, they have been caught up in a dispute with businessman Waheed Raafat about the ownership rights of the land in Marassi.
Raafat’s lawyer Khaled Abou Bakr filed a lawsuit against Emaar Misr and their claim to more than 400 feddan of the 1500 feddan project.
Emaar claims that they purchased the land in a state’s public auction and have paid the whole value of it.
The alleged claim is about the project that Emaar announced taking part of in a press release on January 2018.
“Construction of 3,200 fully finished luxury apartments, 600 (4-5 star) hotel rooms and suites, as well as a marina boardwalk stretching over 3km with over 35,000 square metres of high-end retail and F&B outlets,” mentioned in their press release
But on the opposite side, Raafat’s lawyer insists that the 700 feddan land is his property for 35 years.
“We have been pursuing our rights for more than 35 years, and on 28 July, Raafat has obtained a registered contract proving his ownership of the 700-feddan plot of land.” says Abou Bakr
Of course, no dispute between 2 giants stays ignored, Emaar Misr is suffering the consequences of Raafat’s lawsuit with a 5.7% fall in their shares. Their shares closed at 3.15 Egyptian pounds ($0.19).
Emaar constantly denies any truth to the alleged claims and emphasizes that Raafat’s lawsuit is baseless since the land is legally registered in their name.
They also released a legal document to the bourse that proves their ownership rights and that the land is already paid for.
Both parties’ case will be tried on September 2 in South Cairo Court.
But Emaar remains confident of its legal position and insistent on maintaining their moral and legal rights and protecting their reputation.