Egypt seeks to settle land, other contract rows

The Egyptian government is seeking to settle disputes over the price of land and other issues with about 20 foreign and local investors in a bid to avoid costly arbitration and rebuild confidence in Egypt, an official said on Thursday.

One of the companies involved, Dubai property developer Damac, said in May it had filed an international arbitration case against Egypt over a land row and the conviction of its chairman and owner, Hussain Sajwani.

That case is one of several disputes over the price state land was sold to developers under former President Hosni Mubarak. Many Egyptians accuse Mubarak's government of doing deals that benefitted the rich elite and top officials at the expense of the rest of the country's 80 million people.

Several cases claiming land was sold to too cheaply by Mubarak's government were raised in the courts before the president of 30 years was ousted in February but disputes have gathered momentum. Investor confidence has been shaken.

Al Ahram daily said the cabinet could reach a resolution over Damac and other cases in days, but the senior official on the committee set up to negotiate settlements told Reuters: "I think it will take a little longer."

The committee is headed by Prime Minister Essam Sharaf.

"We have around 17 to 20 cases now. So what we are trying to do now is instead of going to arbitration we are trying to reach a fair settlement between the two parties," said the official, who asked not to identified by name.