Downfall of the World's Premier Real Estate Development Company

Emaar Misr Chief Axed

March 1, 2010
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In the wake of numerous delays and cost overruns, Emaar recently removed Sameh Muhtadi as Chief Executive Officer of Emaar’s efforts at entering the real estate market in Egypt.

Sources within Emaar Misr have stated that Muhtadi’s departure was related to the lack of substantial progress on Emaar’s Uptown Cairo, Cairo Gate, Mivida, and Marassi Developments.  Emaar has been active on the site since 2006, however, the developer has yet to deliver a single home.  Sources have also stated that Emaar Misr had been subject to a selective and rigorous internal audit by Emaar due to the unexplained delays and massive cost overruns.

Muhtadi has been replaced by Mohamed El Dahan, Emaar’s Internal Audit Executive Director.

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