Emaar Misr's Marassi (Photo Courtesy of Marassi website)
Developer Emaar Misr on Tuesday rejected as baseless a claim to part of the land where it is building the sprawling Marassi residential and leisure development on Egypt’s North Coast.
Egyptian businessman Wahid Raafat has filed a lawsuit against Emaar Misr claiming more than 400 feddans (about 415 acres) of the 1,500-feddan site, his lawyer Khalid Abubakr told Reuters.
“We have been pursuing what we are owed for more than 35 years,” Abubakr said.
“What caused us to make this claim to our rights is the release of a contract from the real estate registration authorities dated July 28 that makes clear the ownership of Dr. Wahid Raafat.”
An Egyptian court will hear the case on September 2, Abubakr said.
Emaar Misr, a unit of Dubai’s Emaar Properties, said that real estate registration authorities had registered the land in its name after looking into claims on it.
Emaar Misr said it would address Raafat’s lawsuit using legal channels.
Emaar’s Egyptian portfolio is worth about 53 billion Egyptian pounds ($3.20 billion) and Marassi is one of Emaar Misr’s largest projects.