Egypt Minister Says Damac Debt War To End In Days

Egypt government will be resolving its long-running disputes with the largest private developer of luxury real estate in the Middle East Damac Properties within days, said the country’s housing minister on Sunday.

Tarek Wafiq, Egypt’s Minister of Housing and Urban Communities, announced that his ministry has signed an agreement with UAE-based Damac so as to end the disputes with one of the most prominent real estate developers.

Damac’s settlement file is now being reviewed by the Egyptian cabinet, he added.

Exclusive to ‘Amwal Al Ghad’,  the minister further noted that the cabinet is expected to sign the agreement to end disputes with Damac within days. He explained that it comes after both parties had agreed on all the terms of the settlement agreement, refuting the presence of having political confrontations that would hinder the settlement process.

Meanwhile, Dr. Hani Sarie Eldin, the former Chairman of the Egyptian Capital Market Authority (ECMA), stressed that the Egyptian government has to hasten the settlement process with investors, noting that investments in the country as well as multiple projects were disrupted by the unsettled disputes with businessmen and firms.