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Billionaire Sawiris Steps In to End Egypt Investors Dispute

  • Settlement deal includes Orascom getting land plot for project
  • Sawiris says bought investors stake for benefit of the nation
Samih Sawiris in 2010.

Samih Sawiris in 2010.

Photographer: Charles Ellena/Bloomberg

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Egypt on Wednesday approved a deal settling a land dispute pitting the government against a group of international investors who owned a stake in a company controlled by one of the country’s richest men, a senior government official directly involved in the talks said.

Investors including American businessman Sam Zell sued the government in an international arbitration court over the failure to fully honor a 2006 contract with Orascom Housing Communities. OHC is majority owned by billionaire Samih Sawiris, the chairman of Switzerland-based Orascom Development Holding. The investors had held a 15 percent stake in OHC.