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Tuesday, 11 October 2016

Talaat Moustafa Group subsidiary files lawsuit against NUCA

The Arab Company for Projects and Urban Development, a subsidiary of Talaat Moustafa Group Holding (TMGH), has filed a lawsuit against NUCA challenging the interest rate set on its debts to the authority, the company said in a statement. The economic court has passed the lawsuit to the administrative court, the statement adds. TMGH had previously reached an agreement with NUCA determining the value of the land due to NUCA from Madinaty must be no less than EGP 9.979 bn and include 3.195 mn sqm of finished buildings to be delivered over the lifetime of the project. Additionally, the company will pay the regional services premium for EGP 1.122 bn, in addition to interests, bringing the total up to EGP 2.9 bn over 10 years.

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