An Egyptian court has annulled a land sale between the government and the country's largest publicly listed property developer.
Egypt's Middle East News Agency said the court ruled Tuesday that the government-run Urban Communities Authority failed allow public bidding before awarding a roughly 33 square kilometer plot of land to Talaat Moustafa Group, the company behind the planned Madinaty community.
The case was filed by an individual who claimed he was not allowed to bid on the land.
TMG's stock fell 7 percent, closing at 7.5 Egyptian pounds ($1.33).
Madinaty is one of several new communities circling Cairo that cater to Egypt's upper class. The project is slated to provide housing for 600,000 residents and will include hotels and golf courses.
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