Egypt says has resolved dispute with developer Sodic

Egypt has settled a dispute with Sodic over the property developer’s Eastown scheme after the firm agreed to pay 900 million Egyptian pounds ($129 million) in instalments over about seven years, the investment minister said on Sunday.

“The dispute is closed,” Mounir Fakhry Abdul Nour said of the legal dispute over the Eastown project in New Cairo, a development of offices, shops and homes twice the size of London’s 97-acre Canary Wharf district.

“They found a solution and it was approved by the council of ministers last Thursday,” he told reporters.
Abdel Nour said Sodic had revalued land bought from the state for the project and agreed to pay the difference over the sum it had initially paid.