Egypt court sets next TMG court hearing for 22 November

An Egyptian court on Tuesday set the next hearing in a land dispute case involving Talaat Mostafa Group (TMG) for 22 November, extending a legal wrangle that has rattled investors in the property market.

TMG's US$3 billion Madinaty project has been caught up in legal dispute since last year over the purchase of land directly from the state instead of by public auction.
Shares in TMG were down 0.5 percent at 12:51 pm.
The legal challenge to TMG's flagship Madinaty development last year sparked a sector crisis as several copycat lawsuits were launched. The propety market downturn worsened with the ousting of Egyptian President Hosni Mubarak in February.

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