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BREAKING NEWS

UAE'S Damac says files suit against Egypt

By REUTERS

MAY 17, 2011 18:49

CAIRO - Dubai developer Damac said on Tuesday it had filed an international arbitration case against Egypt over a land dispute and the prosecution of its chairman, Hussain Sajwani.

"Egypt's recent criminal prosecution and conviction in absentia violate the treaty on investment protection and have caused significant damage to his investments in Egypt and the wider Gulf area," it said in an e-mailed statement.

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