Cairo – Mubasher: Palm Hills Development Company on Monday said it has not presented any offers to buy Qatari Diar Real Estate Investment Company’s land plot of the City Gate project in New Cairo.
The Egyptian real estate firm denied news that it had sought to acquire the parcel of land of Qatari Diar's City Gate project, according to a filing to the Egyptian Stock Exchange (EGX).
On Sunday, Shorouk News reported that Qatari Diar 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, Shorouk News said.
While Palm Hills chairman Yassin Mansour has offered to only buy the land plot of the City Gate project spanning 8 million metres and 500,000 square metres, the newspaper claimed.
