Egyptian government sets up committee for land sales disputes

The Egyptian government is seeking to settle disputes over the price of land and other issues with foreign and local real estate investors in a bid to rebuild confidence in the country’s property market.

One of the companies involved, Dubai property developer Damac, has filed an international arbitration case against Egypt over a land row and the conviction of its chairman and owner, Hussain Sajwani.

That case is one of several disputes over the price state land was sold to developers under former President Hosni Mubarak. Many Egyptians accuse Mubarak's government of doing deals that benefitted the rich elite and top officials at the expense of the rest of the country's 80 million people.

Several cases claiming land was sold to too cheaply by Mubarak's government were raised in the courts before the president of 30 years was ousted in February but disputes have gathered momentum. Investor confidence has been shaken.

Source: PropertyWire.com