Emaar wins Uptown Cairo land through auction not direct order - official

Mohammed El-Gendy, Chairman of El Nasr Housing and Construction, denied rumors that the UAE-based Emaar Properties had bought a piece of land spreading over 4 million sq m in Zahraa Al-Mokattam by direct order.

The top official told Al-Mal Magazine that the giant developer won the deal, as it offered the highest price of EGP 90 per square meter in an auction.

TMG Holding, Al Ahly Real Estate Development and EFCO also vied for the land at prices ranging between EGP 40-50.