Orascom, Nasr City scraps agreement on Tigan project

17 January 2012: Egyptian developer Orascom and local real estate firm Madinet Nasr Housing have cancelled an agreement to cooperate in developing the Tigan real estate project. Orascom was managing the 3.5 million sq m development through its subsidiary with Madinet Nasr, but the two firms reached a joint decision to cancel the agreement because the time was unsuitable to launch the project. The decision was made in light of the recent changes in the real estate industry and the unsuitable timing to launch a huge and luxurious housing project.

Source: Ameinfo