“Gate of the East New Cairo Real Estate Investment”, a Qatari Diar company, obtained the approval of the Egyptian Urban Communities Authority to resume work on the City Gate project owned by the company, after a halt and stalemate for a period of nearly 4 years.
Egyptian media reported that the Qatari company obtained approval from the Urban Communities Authority to work on the City Gate project, which has been stalled since 2016 due to a dispute between the company and the authority.
The East Gate Company, the owner and developer of the City Gate project, approached the urban communities to obtain the necessary license to resume work on the project, which was approved by the authority, according to the statements of Egyptian media sources.
The sources confirmed that the company will operate in accordance with the licenses in its possession.
A court ruling was issued in favor of the company that the Urban Communities Authority was not entitled to demand the company to pay fees of 1.379 billion pounds in exchange for modifying the shareholder structure of the company that owns and develops the City Gate project in New Cairo. Shareholders of Barwa Egypt Real Estate Company and changing the name to Gate Al Sharq New Cairo for Real Estate Investment developed for the City Gate project.
According to the sources, the Qatari company is currently in contact with local contracting companies to obtain pricing offers in preparation for the resumption of construction work for the first phase of the project.
Qatari Diar owns several projects in the Egyptian market, the most prominent of which is the St. Regis Hotel, which was inaugurated by His Excellency Mr. Sherif Al Emadi a week ago.
Egyptian media expects an increase in the pace of completion of Qatari Diar projects in Egypt, most notably the City Gate project in New Cairo on an area of 8 million and 500 meters, and a project in Sharm El-Sheikh, an area of 300 thousand meters by three plots, and the Hurghada project is the largest investment for the company in Egypt on an area of 30 One million meters is located between Soma Bay Bay and Makadi Bay Bay on Hurghada-Safaga Road, and the company contracted for it through allocation with the Tourism Development Authority in 2006.