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New Madinaty contract with cabinet for review-paper
TMG's flagship Madinaty development has been mired in a legal row since June .
October 19, 2010 11:31 by Reuters
A legal committee drawing up a new contract to reallocate land for the Madinaty project of Talaat Moustafa Group has submitted the draft deal to the Egyptian government to be reviewed, a state-owned daily reported on Tuesday.
TMG’s flagship Madinaty development has been mired in a legal row since June when a court said the contract for the sale of state land for the scheme was illegal. The case has rattled real estate investors.
The government approved a plan to scrap the original contract, but said it would reallocate the land to the company under the same terms based on its right to act in the national interest. The land will be reassigned to TMG by the New Urban Communities Authority (NUCA), a housing ministry body. “The committee of legal experts has completed drafting a new contract and it was sent to the cabinet for review before it is sent back to the Housing Ministry,” al-Akhbar newspaper said, citing an official at NUCA.
A newspaper had reported on Monday that the committee recommended valuing the land at a higher price, but the official cited by al-Akhbar said such a decision was up to the government and dismissed other reports as speculation.
(Reporting by Dina Zayed, Writing by Edmund Blair; Editing by Dan Lalor)