Representation of Shara General Contracting Company S.A.E. and Modern Architecture Engineering Office S.A.E. in connection with a comprehensive contractual restructuring of the Alamein Tourist Village project, located on approximately 106,978 sq m of land owned by the Cooperative Housing and Building Association for Members of the Scientific Professions Syndicate in Alexandria.
El Roby Law Firm advised on the review and restructuring of the project’s contractual and legal framework, which had developed over an extended period through a series of contracts, settlements, arbitration proceedings and obligations relating to the project, its units and allocations, purchasers and other stakeholders.
The firm led the negotiations between the parties and structured the transfer of the contractual position, including the assignment of relevant rights, debts and obligations from Shara to Modern Architecture Engineering Office, while maintaining the Association’s ownership of the project land, which was not transferred as part of the transaction.
On 10 June 2026, the parties executed and implemented a final and binding agreement for the assignment of rights and debts and the transfer of contractual position for direct consideration of EGP 30 million. Modern Architecture Engineering Office assumed the contractual position relating to the project subject to the agreed rights, obligations and protections.
The firm also advised on the relationship with the landowning Association and the protection of purchasers and other stakeholders, including the allocation of historical and future liabilities and the orderly transfer of contracts, approvals, project records and technical and financial information required for the continued development of the project.
The project has an estimated total value of approximately EGP 30 billion, separate from the EGP 30 million consideration payable under the assignment and transfer agreement.
The matter demonstrates the firm’s experience in contractual restructuring, real estate and tourism development, construction, arbitration and negotiated settlements, assignment of rights and obligations, and the management of complex multi-party contractual relationships.