Hi to All
To everyone who is concerned about the contracts being in Arabic. I have been making enquiries everywhere I can and here is a copy of a letter I recieved from an investor at Zafarana and also MABR. I hope this helps all who are worried
Dear Cliff, The Due Diligence from Zafarana has all of the title deeds, planning permissions etc in Arabic with translations provided in English and the same will be the case with the Due Diligence for MABR. This is paramount because title deeds etc in English would not be legal in Egypt. The contract itself is between IPI and the buyer and relates to the sale of a property on land which the developer owns. Therefore, Egyptian law does not apply in any way to the details of the contract. This is one of the main reasons why I have dealt with IPI, as the contracts are governed under Dutch law. If the developer was Egyptian then the contracts would be in Arabic and whilst an English translation may be provided, it holds no legal value. Also, in matters where I had to seek restitution then I would need to bring about these actions in an Egyptian court under a legal system I know little about and does not provide the same levels of protections as in Europe. Therefore I think this is one of the biggest advantages of this development and IPI. I am not sure where Samui has got her information from because it doesn't actually make any sense why the contracts would need to be in Arabic. All of the documentation pertaining to Egyptian law, ie title deeds, planning permission, etc is in Arabic with English translations and therefore under Egyptian law it is a totally legal. This is my understanding after extensive investment experience and under advice of both my personal lawyer, and Anthony Seddon & Co and quite frankly common sense. In summary I am 100% happy with this arrangement and can see no legal basis on which concern should be issued. I hope that this helps to clarify the situation from my end. Thanks Tony
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