The Cairo Regional Center for International Commercial Arbitration has finally resolved the four year problem between the Saudi owner of the famous Egyptian Omar Effendi department store and the Egyptian government.
Omar Effendi was a public-sector department store that was privatized in 2006. Ninety percent of the store’s shares were sold to the National Company for Construction (NCC), and ten percent to Gamil al-Qanbit, a Saudi businessman who owns a company called Anual.
The NCC then sold its shares to al-Qanbit, but later filed a lawsuit to annul the sale. The center rejected the lawsuit, and ordered the payment of LE282,000 to al-Qanbit to stand.
“The ruling is final,” said NCC representative Safwan al-Selmy. “Now al-Qanbit has the sole right to dispose of the store as he pleases.”
Al-Qanbit will sell the store in January to Mohamed Metwally, a businessman, who agreed to pay the employees a bonus of 20 percent.
Translated from the Arabic Edition.
