Egypt Says it Resolves Land Dispute with Dubai's Al-FuttaimSource: www.export-egypt.com 11/20/2014, Location: Africa |
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Egypt said on Wednesday it had resolved a long-standing dispute over a land sale with Dubai-based conglomerate Al Futtaim Group, as the government seeks to clear a backlog of such disputes in order to win back badly-needed foreign investors.
A cabinet statement said the company would pay a fee to cover a renegotiated land price at the Cairo Festival City development, but it did not give details. A government source had previously said the negotiators were considering a payment of around 235 million Egyptian pounds ($33 million) but Reuters could not confirm the final figure they agreed on. |
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