Egypt court sets hearing date for Palm Hills suit

The Egyptian Administrative Court has set 26 October as the first day of a trial in a lawsuit challenging one of Palm Hills' land deals, the court said today.

The Palm Hills case emerged amid a wrangle over the flagship development of Talaat Moustafa (TMG), Egypt's biggest listed developer, in a case that underscored the risks of investing in Egyptian real estate.

Hamdy Fakhrany, who has filed a case against TMG, is also suing real estate firm Palm Hills for buying a 960,000 square meter plot of land in a Cairo suburb from the New Urban Communities Authority (NUCA), a ministry body, at below market price .

In the TMG case, the High Administrative Court upheld a June ruling last week that NUCA broke the law by selling land to the firm without putting it up for public auction.

Egypt's cabinet has delayed until early next week a meeting to formulate a legal solution to the land row.

Analysts have said the Palm Hills case was on a much smaller scale than TMG's Madinaty suit.

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