Egypt's current account gap narrows, but overall BoP records deficit    Egypt's PM reviews debt reduction strategy, eyes more private investment    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt, India discuss expanding industrial, investment partnerships    World Bank proposes Egypt join new global health initiative    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt welcomes 25-nation statement urging end to Gaza war    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian pound ticks down in early Tuesday trading    Famine kills more Gaza children as Israel tightens siege amid global outrage    Kuwait's Crown Prince, Egyptian minister discuss strengthening cooperation    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Egypt's FM seeks deeper economic, security ties on five-nation West Africa tour    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt foils terrorist plot, kills two militants linked to Hasm group    Egypt, Somalia discuss closer environmental cooperation    Egypt exports 175K tons of food in one week    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt, Uruguay eager to expand trade across key sectors    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Palm Hills sees Egypt land deal revamp soon
Published in Daily News Egypt on 03 - 11 - 2010

Egyptian real estate company Palm Hills Developments expects the country will revamp its land allocation laws by end-March in a push to contain a spate of lawsuits against state land deals, its chief said on Tuesday.
Palm Hills, Egypt's second biggest listed developer, is facing a legal challenge over a small portion of its land. Chief Executive Yasseen Mansour said he is confident the state will not allow a proliferation of such lawsuits.
Confidence in Egypt's real estate sector, fairly buoyant through the financial crisis, was shaken when a court ruled in June that the state land sale for one of the country's biggest projects was illegal and the contract should be scrapped.
"If we take what this court did seriously, it means that all of Sixth of October, all of New Cairo, Sharm El Sheikh, El Gouna, and Hurghada will all be returned," he told Reuters, referring to urban areas near Cairo or on the Red Sea coasts.
Egyptian citizen Hamdy Fakhrany scored a victory in September when a court upheld the June ruling that the government broke the law by selling land to developer Talaat Moustafa Group without an auction.
The government has said it will uphold that ruling and cancel the deal, adding it had the right to draw up a new contract selling the land back to the firm because it was in the public interest.
That has not stopped copycat cases. In Palm Hills' case, the legal challenge it faces follows Fakhrany filing a suit against a land deal that gave it 960,000 square meters in a Cairo suburb.
Mansour said Palm Hills would meet with lawyers and find a strategy to fight the legal case. He expected the land distribution law to change near the end of the year or within the first quarter of 2010.
"We have been told by the government and they have made it clear and public that they will amend the bigger laws. They will rewrite it to say that in some cases, it is allowed for governmental bodies to give the land by direct order," he said.
The government wanted to pass a law that could work retroactively. It would need to pass with a two-thirds majority in parliament. The ruling party is widely expected to retain enough seats in a November election to secure such a majority.
The cases hinge on conflicting laws governing state land deals. The original court ruling said a Housing Ministry body sold land to Talaat Moustafa Group in violation of a 1998 law. The government said it was following legislation that preceded the 1998 law.


Clic here to read the story from its source.