Egyptian group Orascom Development and local real estate firm Madinet Nasr Housing scrapped an agreement to cooperate in developing the Tigan real estate project, Orascom said on Monday.
Swiss-based Orascom Development Holding through its subsidiary was managing the 3.5 million square metre development with Madinet Nasr but said in a statement the two firms had reached a joint decision to cancel the agreement because the time was unsuitable to launch the project.
The fate of the Tigan project was not immediately clear after Orascom withdrew from managing the development.
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