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Home arrow Business arrow Egypt to uphold verdict that Palm Hills land illegal
Egypt to uphold verdict that Palm Hills land illegal Print E-mail
Written by Egypt News   
Tuesday, 10 May 2011
Egypt's Minister of Housing Fathi Abdelaziz El-Baradei said that Egypt's government is to uphold a court ruling to scrap a sale of state land to developer Palm Hills but will ensure ordinary Egyptians are not hurt

Last month an Egyptian court ruled that a state land sale to Palm Hills, Egypt's second biggest listed developer, was illegal and scrapped the contract. It's the latest in a series of rulings that have alarmed investors in property.

El-Baradei said that the government was waiting for details of the ruling but would uphold the verdict.

"The government is keen to ensure that no citizen that has bought into these projects will be harmed," he said.

The latest verdict against Palm Hills scrapped the sale of a plot where there is an existing project, Palm Hills Katameya. The firm said it represented only 2 per cent of its land bank.

Palm Hills, which has seen its share price tumble over 70 per cent this year, has said it planned to appeal the verdict.

 

 

 

 

 

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