• 21:06
  • Wednesday ,11 August 2010

Ruling in Madinaty land sale on Sept 14


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Wednesday ,11 August 2010

Ruling in Madinaty land sale on Sept 14

 CAIRO- Egypt's High Administrative Court delayed a ruling on the appeal of Talaat Moustafa Group's (TMG) Madinaty land deal case until September 14, the court said on Tuesday.


A lower court ruled in June that the New Urban Communities Authority (NUCA), a body under the ministry, broke the law when it sold the land directly to a TMG unit instead of opening it up to bidding, and the contract should be scrapped.

   NUCA and TMG appealed the first ruling separately and the court said on August 1 that it would merge the two appeals together.

   The ruling will not halt construction or cancel the contract between the New Urban Communities Authority and Talaat Moustafa, Minister of Housing Ahmed Al Maghraby said on June 23.

   The developer said the ruling could slow residential sales at the project and hurt the company's share price, but the effects would be short-term.

   Madinaty will include homes, schools, shops, hotels and a golf course, the company says. Construction on the land is underway and many homes are already sold.