Qatari Diar Real Estate Investment Company has received offers from Egyptian businessmen Naguib Sawiris and Yassen Mansour to buy the company’s assets in Egypt.
Billionaire Sawiris, chairman of Orascom Telecom Media and Technology Holding’s (OTMT), has offered to purchase the entire investments of the Qatari company in Egypt for EGP 35 billion.
Meanwhile, chairman of Palm Hills Yassin Mansour has offered to only buy the land plot of the City Gate project spanning 8 million metres and 500,000 square metres, Shorouk News reported, giving no further details on the amount of his offer.
In December 2017, the board of OTMT has initially approved the acquisition of a 51% stake in Inertia for Engineering and Trading.
Qatari Diar owns several projects in the Egyptian market. The Qatar-based firm had only executed St Regis Cairo projects.
The Qatari real estate developer is still in legal conflicts with the New Urban Communities Authority over City Gate project located in New Cairo and 300,000-metre projects in Sharm El-Sheikh.
The two businessmen had started negotiations with Qatari Diar last December, but they were put on hold over the past period as a firm affiliated to an Egyptian sovereign body was interested in buying the Qatari company’s assets, mainly City Gate, sources told Shorouk News.