Dubai-based real estate developer Damac has approved the final conditions for a proposed 'reconciliation' deal with the Egyptian government over lands and projects worth LE3 billion (roughly $441 million), Al-Ahram's Arabic-language news website reported on Monday.

"The reconciliation deal will be signed within a few weeks," Turkish news agency Anadolu quoted Damac CEO Fawaz Sous as saying.

The development comes following statements last month by Housing Minister Tarek Wafik in which he said that the government planned to forge reconciliation agreements with "a number of real-estate developers."

In May 2011, Damac Chairman Hussein Sejwani – along with former tourism minister Zuheir Garanah – was sentenced in absentia to five years in prison for corruption.

In March, Egypt's Court of Cassation ordered the retrial of Sejwani and Garanah.