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.



date:Posted: October 25, 2016
UAE. Demographic and social change, shift in global economic power, rapid urbanisation, climate change and resource scarcity, and technological breakthroughs to dictate and shape the future of the region.
date:Posted: October 24, 2016
UAE. Blockchain can impact key areas of finance including retail payments infrastructure, remittances, FX trading, trade finance, capital markets and compliance activities; Booz Allen Hamilton identifies specific opportunities, recommends how the UAE can organize and co-ordinate efforts.
date:Posted: October 24, 2016
UAE. Business confidence in Middle East improves for second consecutive quarter, but remains low amid slumping growth rates; 44% of businesses report worsening conditions; UAE in stronger position as budget surplus relaxes austerity measures.
cheap wedding dresses on Ca-Dress.com