Session to review Haram City settlement postponed indefinitely

The ministerial committee tasked with resolving settlement disputes has postponed reviewing Orascom Housing Communities’ flagship project Haram City, Orascom Hotels and Development (OHD) Chairman Samih Sawiris told Al Mal. OHD had agreed to buy out its US partner’s 15% share following an international arbitration case against the government, but this scenario now seems “unlikely,” he added. Sawiris had previously stated ODH was also unwilling to accept repricing the Haram City land. The international arbitration case could take up to a year and a half, said Sawiris, during which the company will continue to expand existing projects without adding new investments until the case is resolved.