Egypt settles rows with 2 UAE firms

Egyptian Minister of Investment Osama Saleh said on Tuesday that Egypt has resolved a row with two UAE companies, Damac Properties and Gamsha Tourism Development Company.

"We have at last reached an agreement with Damac. A final settlement (was) approved by the board of the new Urban Communities Authority two days ago", said the minister during a conference in Cairo.

He said the dispute with Gamsha Tourism Development Company, owned by Emirati businessman Hisham Al Haziq, has also been settled.

Both companies owned strips of land in the Red Sea province of Gamsha.

Describing the dispute with Damac as one of the most complicated ones, the minister said the settlement will help rebuild investor confidence in Egypt.

"We succeeded in resolving one of the most complex investment deals and we will continue to remove obstacles to investment companies in Egypt to restore the confidence of foreign investors," stressed the minister.

Osama Saleh denied speculation that the UAE had withdrawn its investments from Egypt after the January 25 revolution.