Deutche Bank expects Egypt to validate Madinaty contract

Arab Finance
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Deutche Bank said that new court hearing on Nov. 9 on TMG Holding’s Madinaty case is not surprising, according to a statement.

In September, Hamdy El-Fakharany, who brought the case against TMG and PHD, already said that government appointed committee was biased and threatened to file similar law suits against 126 other projects that got land by direct order without an auction.

Deutche Bank said, “In this context, we expect the government to address framework ambiguity (dissonance between 1979 and 1998 laws on the land allocation process) but this could take time to materialize in the current election period.”

The bank maintained its hold recommendation, expecting the government to validate the contract despite the opposition.

According to Reuters quoting a legal advisor to TMG, the new contract between the housing ministry body NUCA and TMG is expected to be signed within a week.


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