Egypt cabinet to decide on Madinaty land row

Cairo, September 19, 2010

Egypt's cabinet will meet on Wednesday to discuss ways to resolve a dispute over real estate firm Talaat Moustafa Group's (TMG) $3 billion flagship development, the housing minister said in remarks published on Sunday.

The Al-Masry Al-Youm daily cited comments made by Housing Minister Ahmed el-Maghrabi in a television programme.   

Shares is TMG, Egypt's biggest listed developer, were pounded after a higher court on Tuesday upheld a ruling that the state's sale of land for its Madinaty project without an auction was illegal.

The cabinet spokesman said last week a legal solution to the row, which has rattled investors concerned that other land deals in the real estate sector could be challenged, would be sent to the prime minister in days. - Reuters

Tags: Egypt | Talaat Moustafa | housing project | Madinaty |