(Adds details, background)
CAIRO, April 6 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 installments over about seven years, the investment
minister said on Sunday.
"The dispute is closed," Mounir Fakhry Abdel 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.
Asked to comment, SODIC said that it had not yet received
any official correspondence from the ministry or the government.
The government had sought to revoke SODIC's rights over the
east Cairo tract because of delays in development.
SODIC, won a court case last April and kept the land but
some administrative procedures involving the government had
SODIC's revenues were up 69 percent in 2013 from the
It invested around 900 million pounds last year and said it
aims to invest a similar amount this year if its dispute with
the government is resolved.
($1 = 6.9724 Egyptian Pounds)
(Reporting by Shadia Nasralla; Writing by Yasmine Saleh;
Editing by Anthony Barker)