Local government confiscates Fayoum land from Orascom Development Holding

MENA, Monday 20 Jun 2011

The governor has cited a violation of contract as the reason for cancelling the deal

The governorate of Fayoum has cancelled the allocation of 160 feddans of land to the Orascom Housing Communities Company, a subsidiary of Orascom Development Holding, which was to be used for building budget residential units for young people.

Fayoum's governor, Mahmoud Assem Gad, indicated that the company has violated the terms of its contract with the governorate. According to Gad, the land will be reallocated to the Housing Division within the governorate, but will continue to be set aside for low-cost housing.

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