Damac, Al-Futtaim to settle Mubarak-era land purchase disputes with Egypt
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Sun January 8, 2012 8:04 pm

EGYPT. An Egyptian government commission approved the settlement of disputes with Dubai’s Damac Properties Co. and Al-Futtaim Group, according to Fayza Aboulnaga, minister of planning and international cooperation.

The initial agreement will be submitted for government approval in the new week, she told reporters in Cairo today.

The deal provides for the two companies to fund the difference between prices they had paid for land in contracts with the previous administration of ousted President Hosni Mubarak and the value deemed fair by the current authorities, she said.

The Egyptian government is trying to settle disputes with companies over contracts signed with the Mubarak administration in out-of-court reconciliations.

Damac had filed an arbitration lawsuit in Washington in May against Egypt after the government seized land purchased in 2006 and sentenced its chairman to five years of hard labor.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

date:Posted: October 23, 2014
SAUDI ARABIA. The 2014 study - which outlines the top priorities that concern young Saudis - is key to helping policymakers and business leaders design initiatives targeted at improving the lives of the Kingdom's current and future generations.
date:Posted: October 22, 2014
UAE. 47% of Middle Eastern respondents indicated that they are considering a proactive shareholder engagement policy which can open and sustain a productive dialogue with investors.
date:Posted: October 22, 2014
UAE. HSBC global expat survey highlights job prospects, better salaries, higher personal security as primary factors attracting expats to the country.
dhgate