Emaar Misr for Development has announced that it has signed a contract with Arabtec Construction Company to build two new urban complexes in Uptown Cairo in Mokattam.

The company said in a statement sent to the "Egyptian Stock Exchange" that the two projects consists of 449 housing units and a total cost of 1.84 billion pounds to start the project immediately.

Arabtec is a subsidiary of Arabtec Holding.

It is noteworthy that Emaar Misr for Development, signed last July, a draft settlement agreement with Al Nasr Housing and Development, on the land of the project "Uptown Cairo", and approved by the Egyptian Council of Ministers.

The draft settlement agreement includes the agreement to end the procedural, technical and financial points, including the waiver of the Nasr Housing and Construction Company for the original arbitral proceedings, and the abandonment of Emaar Misr for the development of the corresponding lawsuit before the Cairo Regional Center for International Arbitration.

Al Nasr filed an arbitration lawsuit with the Cairo International Arbitration Center (CICC) against Emaar to terminate their Uptown Cairo contract and demanded damages of one billion pounds.

Al Nasr demanded the recovery of 3 million square meters of land of Zahraa El Mokattam, which is within the scope of the Uptown Cairo project.