CAIRO: The Cabinet’s newly established Investment Dispute Settlement Committee reopened Wednesday a file for the Qatari Diar company over irregularities in its capital repayment of 16 billion EGP ($2.23 billion) for a 29 million square meter land deal for establishing tourism projects, Al-Masry Al-Youm reported Wednesday.
The committee reopened the case under allegations Qatari Diar failed to pay 750 million EGP of an already agreed 1 billion EGP fee in the deal, an inside source at the committee told Al-Masry Al-Youm.
“In the General Authority for Investments’ laws, the company is obliged to raise the paid-up capital to equal the issued-share capital after five years of establishment,” he said, pointing out that the company had funded only 25 percent of the total capital five years before.
The tourism project was scheduled to be run on 29 million square meters in the red sea governorate, he said.
The Cabinet Investment Dispute Settlement Committee was founded earlier in July to handle investor’s problems related to administrative, routine or legislative issues, Mubasher reported Wednesday.
“The committee seeks through finishing such disputes to facilitate investment, remove investment obstacles and to finish the suspended obstacles as fast as possible,” Mubasher quoted Finance Minister Ashraf Salman as saying.
The committee is also set to review the Egypt Kuwait Holding Organization (EKHO) in the upcoming period to resolve problems it has reportedly had with the Egyptian government concerning the Al-Ayatt land project in the Giza governorate.
The Egyptian government has demanded EKHO pay an additional 51 billion EGP for 26 acres in Al-Ayatt for real estate investments, Rashid Al-Hamad, the Kuwaiti ambassador in Cairo told Al-Mal business daily in June 2012.
Al-Hamad said EKHO has offered 25.5 billion EGP to the Ministry of Investment, but so far the ministry has refused.