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Thursday, 19 July 2018

Gov’t and OHC settle Haram City land dispute

Gov’t and OHC settle Haram City land dispute: The Madbouly Cabinet has signed off on a settlement with Orascom Housing Communities (OHC) over the disputed development of 1,380 feddans in the Haram City affordable housing project, government sources confirmed to Bloomberg. Under the settlement, OHC, which is majority owned by Orascom Development Holding Chairman Samih Sawiris, and the authority will partner to develop 1,000 feddans of the disputed land, said ODH CEO Khaled Bichara. “We expect to sign the final revenue sharing agreement with NUCA soon,” Bichara said, adding that the government will build its own social housing project on the remaining 380 acres.

Background: The dispute arose when NUCA provided only 620 feddans from an originally contracted 2,000 feddans, prompting a number if investors in the project (one of whom was involved in the East Mediterranean Gas arbitration case) to file an international arbitration suit. The investors were seeking compensation of as much as USD 100-200 mn, Sawiris tells Bloomberg. The arbitration case was dropped after Sawiris bought out the investors. The settlement with NUCA had been reached back in April and was awaiting government sign off.

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