Cairo – Mubasher: Egyptian government has called off settlement talks with Qatari Diar over the 29 million square metre land the company has owned in Hurghada since 2006 to establish a tourism project with EGP 16 billion in investments.
The Qatari real estate developer had also paid $49 million as a down payment of the land’s total value of $62 million, government sources told Enterprise.
The company has not contacted the government to maintain the remaining regulations in over a year, sources said, adding that the company was not obliged to raise its capital.
Qatari Diar had established an Egyptian joint-stock company in 2007 and it did not pay the full capital.
In March, it had been rumoured that the Egyptian billionaire Naguib 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.
