The land contract row between Egypt’s government and Damac has been resolved, the Egyptian Investment Minister said.
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Egypt’s row with DAMAC has been resolved, it was announced earlier this week, the country’s Investment Minister said earlier this week.
According to a Reuters report, Osama Saleh said that the row with the Dubai-based developer had been resolved, in a deal that could help remove uncertainties that have caused a depression in the once booming property market.
“We have at last reached an agreement with DAMAC, a final settlement was approved by the board of the new urban committees authority,” Saleh said.
In 2011, DAMAC said that it had filed an international arbitration case against Egypt over a land row and the conviction of its chairman and owner, Hussain Sajwani.
When contacted by Big Project ME, Niall McLoughlin, senior vice president at DAMAC, said that the developer had “no comment on these issues at this time”.