# SODIC in trouble



## MaidenScotland (Jun 6, 2009)

Solidere, the Lebanese real estate company, said it will take legal action against 6 October for Development and Investment (SODIC), the Egyptian real estate company, demanding the latter repays LE237 million.

The dispute between the Lebanese and Egyptian companies escalated last week when SODIC filed for arbitration to annul options that give Solidere the right to own and develop 250,000 square metres of SODIC's Westown land bank, almost 21 per cent of the project's land plot, as Solidere did not develop the land plot according to plan.

According to Bloomberg, in 2008 SODIC and Solidere agreed to invest LE22 billion to develop two projects: Westown, in Cairo's southern suburb of Giza, and a second project in New Cairo.
© Al Ahram Weekly 2012


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## Whitedesert (Oct 9, 2011)

MaidenScotland said:


> Solidere, the Lebanese real estate company, said it will take legal action against 6 October for Development and Investment (SODIC), the Egyptian real estate company, demanding the latter repays LE237 million.
> 
> The dispute between the Lebanese and Egyptian companies escalated last week when SODIC filed for arbitration to annul options that give Solidere the right to own and develop 250,000 square metres of SODIC's Westown land bank, almost 21 per cent of the project's land plot, as Solidere did not develop the land plot according to plan.
> 
> ...


Not entirely convinced this will translate into actual trouble for SODIC. In cases like this the foreign "partner" tends to lose, one way or another.


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