Egypt-based property developer SODIC said on Monday it has not received any official letters from any entity as regards settling its dispute with the Ministry of Housing over Eastown project.
The dispute between the Egyptian government and SODIC (OCDI.CA) is over the land plot No. 16 in New Cairo, on which Eastown project was built by subsidiary SOREAL.
This comes after Egyptian Minister of Investment and Trade Mounir Fakhry Abdel Nour announced on Sunday Egypt has settled a dispute with SODIC over one of the company’s main projects after the firm accepted to pay $129.08 million in installments over around seven years, according to Reuters.
“The dispute is closed,” 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.
The company had said on February 12 it was in talks with the Ministry of Housing concerning its Eastown land plot.
SODIC said its total contracts reached EGP 2.73 billion in 2013, adding that it plans to invest nearly EGP 900 million this year.