Kuwaiti company seeks to end dispute with Egyptian government

A Kuwaiti investment company is ready to end its ongoing dispute with the Egyptian government on the Ayat land in Giza, west Cairo, despite it submitting a case to the courts demanding $15 billion in compensation for losses caused by the suspension of the project, a senior company representative said.

In a press release published today, Tariq Isa Al-Sultan, chairman of the Mena Holding Company, said that its subsidiary Egyptian-Kuwaiti Development & Investment Company wants to reach an agreement with the Egyptian government before the six month negotiating period comes to an end in February 2015.

Mena Holding Company is a subsidiary of Kuwait Holdings which owns 90 per cent of the shares of the Egyptian-Kuwaiti Development & Investment Company which owns the land at Ayat, an area of approximately 26,000 acres.

According to the statement: “It has been 14 years since we started trying to reach a compromise solution to the land owned by the company in the Ayat region of Egypt, but we cannot endure this indefinitely, especially since we are being subjected to big losses and the depletion of the company’s resources, which has forced us to resort to arbitration to make up for what we missed.”

He added the company is trying to find a fair price to convert the agricultural land to real estate.