Egypt to settle Damac, Al Futtaim land disputes

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Egypt has approved settlement deals to end land disputes with Dubai companies including Damac Properties

Egypt has approved settlement deals to end land disputes with Dubai companies including Damac Properties

An Egyptian government commission has approved the settlement of disputes with Dubai’s Damac Properties 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.

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 labour.

Related:
Topics
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

Posted by: Red Snappa

A differential payment for land plots in Egypt could amount to a lot of money, taking the example of Prince Waleed's agricultural land on the Nile Delta, didn't he give over 70 per cent of it back to the Egyptian Government. Many of the new era Egyptians you talk to, believe that these land plots were obtained for about a third of the price had they gone to public auction with a reserve price following the rightful procedure under Egyptian Law.

Also I believe in DAMAC's case there was a $43 million fine, perhaps that will evolve into the extra payment. Also I wonder whether they'll remove the 'hard labour' sentence or partially reduce it?

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Do celebrity branded projects ever work?

Do celebrity branded projects ever work?

The long list of celebrity-endorsed real estate developments...

1
Is this the end of the Gulf’s Indian cash dash?

Is this the end of the Gulf’s Indian cash dash?

From currency woes to taxation loopholes closing and a clampdown...

2
Mall talk

Mall talk

Plans for Dubai’s Mall of the World have made headlines all over...

1
Most Discussed
  • 24
    World's most pierced man refused entry to the UAE

    Tolerance has its limits everywhere including Dubai and those who considered Dubai a lawless circus were held accountable...so thank you Dubai authorities... more

    Thursday, 21 August 2014 10:51 PM - Khalil
  • 23
    Baby NOT on board?

    Some of you cry babies need to get your own personal apartments on the plane ! You cry more then the babies I have seen in my travels. LOL more

    Thursday, 28 August 2014 9:10 AM - Jim
  • 21
    Israel “must be punished” over Gaza, says Dubai police chief

    This high moral ground that Mick is talking abt sound very familiar. May I remind Mick that the US & its British ally alone killed over 1 million innocent... more

    Thursday, 7 August 2014 4:12 PM - Mathew