Sarie Eldin: Damac To Reconcile Within Days; No Updates For Al-Futtaim

UAE’s Damac Properties, the investment arm of Damac Holding, has entered the final phase in its talks with the Egyptian authorities, said the developer’s legal counsel on Wednesday.

Dr. Hani Sarie Eldin – the legal counsel for DAMAC Properties – said the ongoing negotiations between the firm and the Egyptian government have reached the final phase awaiting for the New Urban Communities Authority (NUCA)’s affirmation.

Sarie Eldin further told ‘Amwal Al Ghad’ that he expected DAMAC’s settlement agreement with Egypt authorities to be finalized within days.

He also noted that Egypt’s talks with Al-Futtaim are still in the process and have not witnessed any new developments for the meantime.
Sarie Eldin sees that the Al-Futtaim’s negotiations with the Egyptian government will continue until further notice.

DAMAC’s debts are worth EGP 145 million. As pursuant to the expectant settlement agreement, Damac shall repay EGP 30 million for Gamasa land; while the rest of EGP 115 million debts, the firm agreed to repay on 5-year payments with banking interests.