Egypt Resolved its Dispute with Developer SODIC- Minister

Egypt has settled a dispute with property developer SODIC (OCDI.CA) over one of the company’s main projects after the firm accepted to pay $129.08 million in instalments over around seven years, the Egyptian investment minister said on Sunday.

“The dispute is closed,” Mounir Fakhry Abdel Nour told reporters about the state’s legal dispute with SODIC, one of Egypt’s biggest real estate companies, on its Eastown scheme in New Cairo, a development of offices, shops and homes twice the size of London’s 97-acre Canary Wharf district.

“They found a solution and it was approved by the council of ministers last Thursday,” he said.

Source: Reuters