Egypt court to announce Madinaty verdict today
Ahram Online, Tuesday 4 Oct 2011
End nears for long-running legal dispute over the Talaat Moustafa Group's alleged misappropriation of formerly state-owned land

An Egyptian court is due to announce its verdict on the Talaat Moustafa Group's disputed Madinaty residential project later day.

The property developer's $3 billion high-end project, which is still under construction, has been mired in a legal row since a court in November 2011 said the land on which it is built should have been sold at auction.

The ruling sparking concern among investors that other state land sales may be challenged.

In June 2011, an Egyptian advisory panel recommended TMGH should keep the Madinaty land, a finding that could influence the court's final verdict.

Most business commentators do not expect an immediate solution in today's verdict.