Foreigners that have invested in the high-profile Madinaty urban development project officially notified the Egyptian government on Sunday that it had a 15-day period to resolve legal problems associated with the project before they would resort to international arbitration, said Shawki al-Sayed, legal adviser for project owner Talaat Mustafa Group (TMG).
Last week, the High Administrative Court ruled to revoke the sale of state-owned land earmarked for the project to TMG. The ruling upheld a lower court decision to cancel the sale of eight thousand feddans of land to the firm.
The Egyptian Administrative Court has delayed an appeal of the verdict to 12 October.
TMG shares rose by 2.3 percent on the Egyptian stock exchange, offsetting earlier losses incurred by the company over the last week.
The Egyptian Holding Company for Insurance, for its part, has said it would not sell its 18 million shares in TMG.
Translated from the Arabic Edition.
