PHD settles dispute with government

June 23, 2014 5:15 am

Egyptian real estate developer, Palm Hills Development (PHD) has said its dispute with the cabinet and the New Urban Communities Authority have been settled and it is to resume its activities in two sites in Sheikh Zayed City, 6 of October, which comprise around 56.77 feddans, Daily News Egypt has reported. “The settlement agreement is valued at EGP299m, of which EGP96.4m is currently outstanding after deducting previous payments made by the company and including outstanding interest,” PHD said, adding that it “expects to discharge its remaining EGP96.4m obligation in eight equal quarterly instalments over two years from the date of signing of the reconciliation agreement.”