Egypt's prosecutor has charged the chairman of developer Talaat Moustafa Group for hiring a man to kill Lebanese singer Suzanne Tamim in Dubai, the prosecution said.

The indictment charges former police officer Muhsen El-Sukkari with killing Tamim on July 28 in return for $2 million from company chairman Hesham Talaat Moustafa.

Shares in Talaat Moustafa, one of Egypt's biggest real estate developers, fell 16 percent to 5.21 pounds ($0.97) on Tuesday as reports of the indictment reached the stock market.

Egyptian media reports have said that Sukkari has worked as a security officer at the Four Seasons Hotel in the Red Sea resort of Sharm El-Sheikh, which Talaat Moustafa built.

The indictment says Moustafa "took part through incitement, agreement and assistance with the first defendant (Sukkari) in killing the victim in revenge".

"He provided him with special information and amounts of money necessary to plan and carry out the crime," it said. - Reuters