Emaar Properties, listed on the Dubai Financial Market, has confirmed that it is not involved in the arbitration case filed against Emaar Misr for Development, which was announced last Sunday.
The company clarified that Arabtec Egypt has initiated a claim against Emaar Misr for Development, listed on the Egyptian stock exchange, in January 2025, with a demand amounting to 680 million Egyptian pounds (approximately 53 million dirhams). This is in relation to a dispute over a construction contract in Egypt.
In a statement, Emaar Properties noted that this legal claim will not have any impact on its share prices.
It should be mentioned that Emaar Misr for Development has confirmed the existence of an arbitration dispute with Arabtec Egypt, indicating in a disclosure to the Egyptian stock exchange that the dispute primarily involves disagreements regarding the extension of the execution period and a list of technical defects, which constitute the majority of the claimed amount, while claims related to price differences represent a limited portion of the total value.