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CAIRO, April 15 Property developer SODIC
has signed a dispute settlement with Egypt's
government, agreeing to pay 900 million Egyptian pounds ($129
million) over seven years after a revaluation of its Eastown
scheme in Cairo, the company said on Tuesday.
Egypt's investment minister Mounir Fakhry Abdel Nour said on
April 6 that SODIC had revalued land bought from the state for
the project and agreed to pay the difference over the sum it had
SODIC had not officially commented on the settlement until
"With this settlement all disputes with the Housing Ministry
... over this land have ended," SODIC said.
The legal dispute related to the Eastown project in New
Cairo, including offices, shops and homes in a development twice
the size of London's 97-acre Canary Wharf district.
The government had sought to revoke SODIC's rights over the
east Cairo tract because of delays.
The new settlement gives SODIC five years to develop the
project, the company said.
Its shares were up 2.7 percent at 25.90 pounds by 1033 GMT.
($1 = 6.9802 Egyptian Pounds)
(Reporting by Shadia Nasralla; Editing by David Goodman)