SODIC inks settlement deal with government

April 17, 2014 10:03 am

Egyptian property developer, Six of October Development and Investment (SODIC) has announced the signing of a dispute settlement with Egypt’s government, agreeing to pay EGP900m ($129m) over seven years after a revaluation of its Eastown scheme in Cairo, Reuters has reported. “With this settlement all disputes with the housing ministry… over this land have ended,” SODIC said. The legal dispute is related to the Eastown project in New Cairo, including offices, shops and homes in a development twice the size of London’s 97-acre Canary Wharf district. The government had sought to revoke SODIC’s rights over the east Cairo tract because of delays, but the new settlement gives SODIC five years to develop the project, the company said.