UA-R-GC-1914-01-01-1977-02-15_Page-007

-7- Cairo Properties The Committee recommends that the Fund should proceed to try to obtain proper capitalization for the development of Zamalek 1 and, if unsuccessful, to proceed to seek sales offers. A motion was made, seconded and carried approving this recommendation. It was also stated that Lansdowne, Limited should be gotten out of the project on the basis of the agreement signed between them and the Fund, or on some other basis which the Committee finds acceptable. The point was made that the Fund would have no direct management role in Cairo Properties or in any other project. Cadillac Travel The Fund is still trying to dispose of its interest ~ in this project. This is turning out to be more complicated and more time­consuming than the former manager had indicated. There is also a possibi­lity that the project might be kept alive. Colgate-Palmolive This project was terminated in the discussion stages. Isle of Gold - The Committee decided to table discussion of this project. Deposit of LE 900,000 with Middle East Development Company - The Fund management in consultation with certain Trustees recommended that such deposits be made, noting that the company is owned 80% by a company which in turn is owned 100% by Americqn Express. The deposits would earn higher interest than those currently out. The recommendation was tabled so that Mr. Bell, who had raised objections, and Mr. Hannon could check with Mr. Bliss