Prime Minister Ibrahim Mehleb and the economic group of ministers are in Kuwait to resolve disputes of Kuwaiti investors in order to pave the way for the Sharm al-Sheikh economic conference slated for March.
A source said that International Cooperation Minister Nagla al-Ahwany is negotiating with the Kuwaiti investors to complete their stalled projects in Egypt before the conference.
Sayed Hanafi, former head of Cabinet’s dispute resolution committee, said that most disputes were filed by Kuwaiti investors. He said the Egyptian-Kuwaiti Company, which changed its name to the Egyptian Development and Reclamation Company, had requested to change a project in Ayat over 26,000 square meters from agricultural to residential because there are no water resources and irrigation methods.
“We had asked the company for an additional LE55 billion for the land, which they agreed to pay over 20 years,” he said. “Usually it is the junior staff that puts up the obstacles.”
Hanafi also said that there is a dispute with a former Kuwaiti prime minister since the 1990s when the land he had bought in Mounib was withdrawn from him although he had laid the foundations for his residential towers project.
Edited translation from Al-Masry Al-Youm
