Orascom Holding announces end of negotiations to acquire stake in Qatari Diar

CAIRO – 5 August 2020: Orascom Investment Holding S.A.E (Orascom) announced Wednesday the termination of negotiations between Orascom, Qatari Diar Real Estate Investment Company Q.P.S.C and Bawabet Al Sharq Misr For Real Estate Development S.A.E.

It clarified that the negotiations concerned Orascom's contemplated acquisition of a stake in Bawabet Al Sharq Al Qahira Al Guedida For Real Estate Development S.A.E, the developer of "City Gate" project.

“The time frame set by the parties to conclude the negotiations has ended without obtaining the necessary prior approvals to reach a mutually satisfactory agreement,” it added.

In October 2019, Orascom announced conducting feasibility studies of several investment opportunities, including its potential deal with Qatari Diar Real Estate Investment Company.

The agreement was contingent on prior governmental approval to amend the ownership structure and extend the project implementation period.