Emaar Misr CEO hits out at 'utterly false' claim by Egyptian businessman which is set to go to court in September
The Egyptian unit of Dubai-based developer Emaar Properties has rejected an "utterly false" claim to part of land where it is building the Marassi residential and leisure development on the country’s North Coast.
Egyptian businessman Wahid Raafat filed a lawsuit against Emaar Misr claiming more than 400 acres of the site which will be heard in court next month, according to his lawyer.
But Emaar Misr dismissed the claim, saying there were no legal grounds to support it.
"The company further asserts that the Marassi project land was duly registered with the Real Estate Registration Office in the name of Emaar Misr, following a full review by the Real Estate Registration Office of all third-party claims submitted to it, including the above-mentioned frivolous claim," said CEO Mostafa El Kady in a statement.
"The registration authorities rejected all these claims and concluded the registration in favour of Emaar Misr. It is public knowledge that Emaar Misr has purchased the Marassi project land by way of public auction conducted by the Government of Egypt and that it has paid the purchase price in full," he added.
Emaar Misr said it intends to address the "false claim" through legal channels.
Emaar’s Egyptian portfolio is worth about 53 billion Egyptian pounds ($3.20 billion) and Marassi is one of Emaar Misr’s largest projects.