CAIRO: After years of variations, a property of 110 million square meters in Giza governorate (or what is known as El Ayyat Land) was given Tuesday to the Egyptian Kuwaiti Company for Development, Investment and Land Reclamation by the Egyptian government after settling disputes, the Kuwaiti AlRai Media group reported Tuesday.
For this land, the Egyptian Kuwaiti Company is obliged to pay 47.6 billion EGP as prices differ for real estate use and agricultural use, said Magdi Amin, the executive manager for the General Authority for Reconstruction Projects and Agricultural Development (GARPAD), AlRai reported.
The company is scheduled to pay 25 percent of the total 47.6 billion EGP in cash, while the remaining 75 percent is to be paid in installments, he added.
In late-July, the Ministry of Investment, headed by Ashraf Salman, has submitted the ‘El Ayyat Land’ problem to the Cabinet’s Dispute Settlement Committee over governmental orientations for settling Foreign and Arab Investors’ problems, Al Ahram news gate reported July 30.
Salman announced that GARPAD has recorded a number of violations by the Egyptian Kuwaiti Company for Development, Investment and Land Reclamation over the past four years, which include directing the Ayyat land for real estate use rather than agricultural use besides selling building materials, creating quarries and excavating for monuments, matters that pushed GARPAD to stop the initial contract, he added.
In July 2010, during the era of toppled president Hosni Mubarak, the Egyptian Kuwaiti Company for Development, Investment and Land Reclamation got approval to sell a large piece of land (26 acres) for agricultural use with a total value amounting to 5.2 million EGP ($7.3 million) at about 200 EGP per acre and 4.5 piasters for one meter, the matter that caused a huge wave of arguments over the trifling price of land, Youm7 reported July 2010.