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The dispute between Misr Travel Company and the Saudi Company Structure Line Development (SLD), has finally reached a settlement of 500 Million Egyptian Pounds.
TCMG Law Firm supervised and represented The Saudi Company which agreed to pay 500 Million Egyptian Pounds to end its dispute with Holding Company for Tourism and Hotels subsidiary "Misr Travel", after many years of dispute over a land in Nasr City near El Sekka El Hadid SC, Cairo, Egypt.
The settlement will be paid on installments over six months, the first instalment will be with an amount of 90 Million Egyptian Pounds upon signing the final settlement agreement. While the second instalment will be paid during 6 months.
The agreement states the immediate execution of the project. However, Misr travel is the responsible party for addressing Cairo Governorate to issue the licenses and approvals of kicking off the project for the advantage of the citizens who reserved the units.
It also states the release of succession Power of Attorneys for filed cases from both parties against each other as well as reconciliations for criminal and misdemeanor cases from both parties to each other upon signing the settlement agreement.
The settlement agreement signatory was sponsored by Ministry of Public Business Sector, Holding Company for Tourism and Hotels, and was signed by Mirvat Hatba the Chairman of the Holding Company for Tourism and Hotels, Engineer Adel Wali the Executive Delegated Member for the Holding company, Journalist Mostafa El Najjar Chairman of Misr Travel, Maisa Youssef the Executive Delegated Member for the Company, Counselor Saied Arafa the Legal Counselor for the Public Business Sector Minister and other Counselors from Misr Travel. While attended the signatory session the Legal Representative for Structure Line Company, TCMG Law Firm.
"This settlement main feed and purpose is investment stabilization, facilitating and easing any obstacles that might face the foreign investments and investors in Egypt.” Said Muhammed Abu Daif, CEO of TCMG Law Firm.
It is noteworthy to mention that the dispute was first initiated when both companies signed an agreement back in 2016 with the purpose of developing a residential project on a land that is originally owned by Misr Travel Company.
For further information please contact:
Muhammed Abu Daif
or
Omar Abu Daif
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