Damac Properties, one of Dubai's largest developers, said it would fight the conviction of its chairman on corruption charges by filing a case with the International Centre for Settlement of Investment Disputes (Icsid).
The company said Egypt's public prosecutor had filed "spurious charges" against Hussain Sajwani on the basis of a 2006 deal to buy 3,000 hectares of land in Gamsha Bay near the Red Sea with the former tourism minister Zuhair Garranah.
Mr Garranah, Mr Sajwani and another businessman, Hisham Al Hazeq, were sentenced by an Egyptian court on Monday. Mr Sajwani was sentenced to five years imprisonment, fined 242 million Egyptian pounds (Dh149.6m), and ordered to return lands to the Egyptian government. Mr Sajwani was convicted "in absentia" because he was not present for the trial in Egypt.
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