Developer Talaat Moustafa, Egypt Sign Settlement Over Madinaty

Talaat Moustafa Group, Egypt’s biggest publicly traded developer, said it reached a settlement with the government over what the company agreed to pay for land it obtained during the rule of ex-President Hosni Mubarak.

Talaat Moustafa will give the government 3.2 million square meters (34 million square feet) of completed homes, the company said in a filing. It will also pay 2.9 billion Egyptian pounds ($380 million) over 10 years to change parts of its development plan for Madinaty, a residential project spread over 33 million square meters on the eastern outskirts of Cairo.

Egypt’s government has recently settled a number of disputes with developers over the price they paid for land prior to Mubarak’s 2011 overthrow. Six of October Development & Investment Co. agreed to pay 900-million pounds and Palm Hills Developments SAE will pay 96 million pounds.