Mena for Touristic and Real Estate Investment dissolves contract with Inertia Egypt

Updated 11/24/2021 4:05:29 PM

ArabFinance: Mena for Touristic and Real Estate Investment (MENA) announced that the contract signed with Inertia Egypt, regarding the establishment and construction of two service buildings at Mena’s Garden City project in the 6th of October city, has been dissolved, according to a statement filed to the Egyptian Exchange (EGX).

Accordingly, Mena will pay a sum of EGP 25.123 million for the complete construction works as per the decision of the arbitration authority.

Moreover, the company will pay an annual legal interest of 5% on the aforementioned sum as of the arbitration ruling’s date on November 11th, 2021, until the payment date.

As a result, the project’s land plot will be returned to Mena.

Mena, established in 1980, operates in the fields of construction, real estate investment, project management, and urban development both locally and internationally.