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DAMAC, Egypt resolve land dispute
- Egypt: Thursday, October 11 - 2012 at 02:02
Egyptian investment minister, Osama Saleh has said a row with a Dubai-based developer over a land contract has been resolved, in a deal that could help remove uncertainties that have depressed interest in the once-booming property market, Reuters has reported. "We have at last reached an agreement with (Dubai-based) Damac, a final settlement was approved by the board of the new urban communities authority ... two days ago," said Saleh in Cairo. Damac had said last year it had filed an international arbitration case against Egypt over a land row and the conviction of its chairman and owner, Hussain Sajwani. The Dubai group said it had no statement to make after the minister's remarks. "Whilst the international arbitration case is ongoing, it would be inappropriate for us to comment," said Niall McLoughlin, the company's senior vice president.
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