In a bid to restore investor confidence in the Egyptian property market, the authorities have announced that a new committee will be established in a bid to resolve the various land disputes which have arisen concerning the sale of cheap land by former President Hosni Mubarak. Damac, one of the Middle East’s largest property developers, has already filed an international arbitration case against Egypt over the land dispute. Other major developers involved in disputes over land in Egypt include the Al-Futtaim Group and an Egyptian retail chain owned by Saudi firm Anwal.
The disputes focus on a series of land sales made during the Presidency of Hosni Mubarak, and many Egyptians are now claiming that the state owned land was sold to developers at considerably below the real market valuations.
A senior Egyptian official acknowledged that there were around 17 to 20 cases of arbitration to deal with in the short term, and that the committee will be looking to reach a fair settlement for all parties.
