Arabtec Egypt lodges 2 cases against Amer Group’s unit
The cases are in regards to two projects, the Hanging Garden and phase one of Porto South Beach
Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.
REUTERS/Amr Abdallah Dalsh
By Staff Writer, Arab Finance
ArabFinance: Arabtec Egypt Construction filed two arbitral cases against Amer Group’s subsidiary Tropi 2 for Tourism Development, according to Albosraa news website.
The cases are in regards to two projects, the Hanging Garden and phase one of Porto South Beach, as Arabtec Egypt’s total claims reached EGP 32 million in addition to the legal interests.
Amer Group is planned to issue its first corporate sukuk offering in December, yet it did not decide on the final value for the sale.
However, anonymous sources at Amer Group told Al Borsa News website that sukuk issuance is likely to be valued at EGP 2 billion.
Amer Group is engaged in diversified industry sectors. The group's operations are structured into many segments, namely real estate, restaurant, hotel, malls, retail, among others. Other activities include the provision of touristic boats, investment and marketing, and real estate maintenance services.
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