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Egypt cabinet body denies SODIC land withdrawn

Government joins country's third biggest-land developer in slamming the 'inaccurate reporting' of an Egyptian newspaper

Reuters, Monday 6 Jun 2011
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Egypt's government on Monday denied a newspaper report that it had withdrawn land from SODIC, the country's third-biggest listed developer.

Daily al-Masry al-Youm had reported on Saturday that a government housing body, the New Urban Communities Authority (NUCA), had withdrawn some land from the company.

"We would like to note the inaccuracy of the news published in al-Masry al-Youm on 4 June 2011 regarding NUCA suspending SODIC land," the Permanent Consultative Council, a body attached to the prime minister's office, said in a release to the bourse.

SODIC had denied the report in a statement on Sunday, saying it had not received any letter from the authority indicating the land would be taken.

SODIC has not been directly implicated in any of the land sale scandals that have torn through a once-booming real estate sector since a popular uprising toppled President Hosni Mubarak in February.

Courts have scrapped land contracts for Egypt's two largest developers, Talaat Moustafa Group and Palm Hills Developments.

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