Alexa

UAE developer Damac seeks arbitration with Egypt

UAE developer Damac seeks arbitration with Egypt

Dubai-based Damac Properties says it has filed an international arbitration case against Egypt after its chairman was convicted in absentia amid a string of anti-corruption cases targeting businessmen and former government officials.
Damac said Tuesday that Hussain Sajwani's conviction violated a treaty between Egypt and the United Arab Emirates which protects investments by UAE nationals in the country.
Sajwani's conviction on May 10 was tied to a land sale that also resulted in former tourism minister Zuheir Garana being handed a five-year prison term for allowing the deal. The verdict can be appealed.
Damac said the conviction was a "travesty of justice" in which Sajwani was not informed of the charges against him and that the case was rushed through the courts.