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Monday, 30 July 2018

NUCA and OHC reach settlement over Ashgar City dispute

NUCA, OHC resolve another outstanding real estate dispute: The New and Urban Communities Authority (NUCA) reportedly reached an agreement with Orascom Housing Communities (OHC) to settle their dispute over 350 feddans belonging to the Ashgar City project in 6 October, company sources tells Al Shorouk. OHC will be allowed to complete construction work on the residential development in partnership with Faisal Islamic Bank, in exchange for a levy that will be determined by a NUCA committee, they add. The Madbouly Cabinet had recently signed off on a settlement agreement between NUCA and OHC over disputed development of 1,380 feddans in the Haram City affordable housing project. OHC is majority owned by Orascom Development Holding Chairman Samih Sawiris.

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