Office for Sale in Glouvre Side Business Tower - New Capital By Capital Gate Development

As a lawyer, I would like to address recent developments concerning the Glouvre Side Business Tower in the New Capital of Egypt.

The Glouvre Side Business Tower is a mixed-use development consisting of offices and commercial units. The construction of the tower started in 2019, and it was expected to be completed by 2022. However, the project has suffered significant delays, which have caused concern among investors and stakeholders.

One of the main issues is the lack of financing for the project. According to reports, the original financing plan for the tower was based on pre-sales of units, which did not materialize as expected. This has caused significant problems for the developer, resulting in delays in the construction of the tower.

Another issue is related to the lack of proper licensing and permits. According to reports, the Glouvre Side Business Tower project did not obtain the necessary permits from the New Capital Development Authority (NCDA) before commencing construction. This has created a significant legal issue for the developer, which may result in the revocation of the project's license.

As a lawyer, it is important to stress the importance of obtaining all necessary permits and licenses before commencing any construction project. Failure to obtain the necessary permits and licenses can lead to significant legal issues, including delays, fines, and even revocation of the project's license.

In addition, it is important to emphasize that investors have legal rights and protections under the Egyptian law. Investors must ensure that the developer complies with all regulations and laws related to the development of the project.

In conclusion, while the Glouvre Side Business Tower in the New Capital of Egypt promises to be a significant development in the region, it is evident that several issues related to financing and licensing need to be addressed. As a lawyer, I call upon the developer to take immediate action to address these issues and ensure that they comply with all relevant regulations and laws.

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