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Mena Holding starts designing Al-Ayyat project in Egypt

KUWAIT, May 26 (KUNA) -- Mena Holding Group (Mena Holding - KSC) said Wednesday it started developing Al-Ayyat project, southwest Cairo in cooperation with international consultants.
The land of the project, located in October 6 Governorate, is owned by the Egyptian-Kuwaiti Company for Development and Investment of which Mena Holding owns a stake, according to a statement issued here by Mena Holding.
A green belt has been developed over 8,000 feddans or 25 percent of the total area of the project amounting to 26,000 feddans (one feddan is equivalent to 4,200 square metres or 1.038 acres), according to the statement.
The Egyptian-Kuwaiti Company is in talks with the Egyptian government to accelerate the provision of utilities to the project, it said refuting the rumors raised recently over the land.
The land is owned by Egyptian-Kuwaiti Company since 1998 when the company signed an acquisition contract with the Egyptian cabinet.
The company has paid the value of the contract and got all licenses and documents proving its acquisition of the land in line with the Presidential Decree No 14 for 2004 on treating Arab investors on equal footing with their Egyptian peers.
The acquisition deal is based on the Egyptian law No 8 on protection and promotion of investment issued in 1997, the statement underlined.
Mena Holding is a direct beneficiary from the contract through its equity in the Egyptian-Kuwaiti Company and an indirect beneficiary through its affiliate and partner companies involved in the development of the project, it added. An Egyptian MP has recently tabled a grilling move to the People's Assembly against Prime Minister Ahmed Nazif over the project.
The statement said an MP has the legal right to grill the premier but this did not mean that the Egyptian-Kuwaiti Company was involved in any irregularity, refuting what it called "misinformation" about the project.
MENA Holding Group, a Kuwaiti shareholding holding company, was founded on September 9, 1991, and listed on Kuwait Stock Exchange market on January 17, 2005. The company's scope of services includes providing real estate and industrial services, and leisure and tourism projects in addition to owning shares in companies specialized in logistics business, construction, real estate, fisheries and livestock and overcome, in accordance with Sharia (Islamic law). The company's paid capital amounts to KD 40 million with nominal value of 100 fils per share as the number of issued shares is 400 million shares. (end) ahj.gb KUNA 261756 May 10NNNN