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

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INTERNATIONAL. Foreign policy is what a president wishes would happen; foreign affairs are what actually happen; the problem that Obama has, which has crippled his foreign policy, is that his principles have not been defined with enough rigor to provide definitive guidance in a crisis.
UAE. Total wealth in the GCC stood at US$ 1.7 tillion in 2014, up 4.75% from 2013; Total wealth in Saudi Arabia and UAE grew by 5%; Global household wealth up 8.3% to US$263 trillion, driven by the US and Europe, according to Credit Suisse Research Institute.
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