Egyptian prosecutor approves EGP 9bn Madinaty dispute settlement

Prosecutor Hisham Barakat approved a 9-billion-pound dispute settlement over the new Madinaty contract between real estate developer Talaat Mostafa Group (TMG) and the New Urban Communities Authority.
With the settlement deal, the company will pay nine billion pound to the state.
Madinaty project is a sprawling oasis of villas, hotels and golf courses on the outskirts of Cairo.
The case started when businessman Hamdi el-Fakhrani filed a lawsuit, claiming that the Housing Ministry-affiliated authority has given Talaat Moustafa Group the project lands at cheap price causing 147 billion Egyptian pounds ($26.25 billion) losses for the government.