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Egypt court rules Talaat Mostafa Madinaty land contract valid
Madinaty project has been caught up in a legal dispute since last year. (Reuters)

Egypt court rules Talaat Mostafa Madinaty land contract valid

REUTERS, CAIRO
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An Egyptian court ruled on Tuesday that the Talaat Mostafa Group (TMG) land contract for its Madinaty project was valid, the firm’s lawyer said.

TMG’s $3 billion Madinaty project has been caught up in a legal dispute since last year over the purchase of land directly from the state instead of by public auction.

“The court ruled that the Madinaty contract was valid,” TMG lawyer Shawky el-Sayed told Reuters.

Following the court decision, Shares in Talaat Moustafa Group climbed 7.6 percent.

The shares were at 3.39 Egyptian pounds ($0.57) each, up 0.24 pounds higher after early trade. Trading in the stock was suspended by the bourse.

The legal challenge to TMG's flagship Madinaty development last year sparked a sector crisis as several copycat lawsuits were launched. The property market downturn worsened with the ousting of Egyptian President Hosni Mubarak in February.