Egyptian property developer SODIC has agreed to pay the government LE900 million ($129 million) over seven years following a revaluation of its Eastown scheme in Cairo, adding it would develop the project over five years.

Egypt's investment minister Mounir Fakhry Abdel Nour said on April 6 that SODIC had revalued land bought from the state for the project and agreed to pay the difference over the sum it had initially paid.

SODIC had not officially commented on the settlement until Tuesday's statement which was sent to the stock exchange.