Khaberni - Exclusively
A real estate development company announced that a governmental institution has filed a lawsuit against it related to a development contract of a project in the Giza area that was being implemented by a subsidiary company.
In detail, Phoenix Arabia Holding announced that the General Corporation for Housing and Urban Development has filed a case against the company and against Tamir for Investments, its subsidiary.
The subject of the lawsuit – which the website Khaberni briefed on – focuses on a report of contract termination, removal of facilities, and demands for compensation equivalent to the rental value estimated for fee purposes at 30,000 dinar, as well as claims for compensation for interruption and damage, and claims for reimbursement of costs and expenses valued at 35,000 dinar for fee purposes.
The case relates to the development of a project in the Giza area belonging to Tamir for Investments, a subsidiary of Phoenix, which will take all legal measures to protect its rights and the interests of its shareholders.
