RIYADH: The National Bank of Egypt, Banque Misr, and Misr Real Estate Assets (MISREA) — the arm of the two investment banks — has signed an agreement with Bahgat Dream Land Group of companies ending all 10 years of legal disputes, Al Arabiya reported.
Bahgat Dream Land Group of companies' debts to the National Bank of Egypt and Banque Misr had previously increased by 83 percent and 17 percent respectively. This was the subject of the settlement agreement concluded between the aforementioned parties in 2004 under the supervision of the Central Bank of Egypt.
All parties agreed to implement arbitral and judicial rulings issued in favor of the two banks and the MISREA, to preserve their rights, a statement said.
MISREA has already received vacant lands in distinct locations with an area of about 4 million sqm and has become its actual and legal possession, it said.
