UA-R-GC-1914-01-01-1981-05-14_Page-009

• Mr. Snaith proposed to the Committee that the UEEF should invest the surplus cash arising upon the liquidation of Cairo Properties in the purchase of new apart-ments in Garden City. These apartments could be freely purchased from Law 43 Com­panies without special Government permission and would probably prove to be one of UEEF's most successful investments. The apartments could be let to AUC faculty and therefore reduce the cost of housing to the University. The Committee declined to act on the proposal until more progress had been made with AID on establishing the longer term future of the UEEF as an Endowment Fund. 3, Zamalek 1 Site: Slow progress was reportedly being made in the sale of the Zama1ek 1 site due to the Saudi Egyptian Construction Co. (SECON) insistence that all taxes attaching to the land be paid prior to registration. Taxes are owed both by Shaher Mourad and by the Daoud family. The UEEF has been adament that the .. Mourad estate pay Daoud's taxes provided such payment would not result in any net loss to the estate after giving effect to the profit from selling the 7% at current market price against 1975 cost. A deadlock seems likely unless new tax legislation, which is rumoured to be passed within the next few months, substan­tially reduces the burden and removes the cause of dispute. The Committee has agreed that the best course of action at this time is to wait until the provisions of the new legislation are known and an appropriate strategy can be formulated. 4. Fund Partnership: It was reported that, despite previous written confirmation from Hashem & Ibrahim that all approvals for the replacement of Mr. Black by Mr. Stone had been obtained, it now appeared that the Ministry of Commerce had objected to the sub­stitution on the basis that Mr. Stone must be resident in Egypt to qualify as a general partner of an Egyptian organization. The Committee asked Mr. Snaith to make further efforts to see whether this deadlock could be resolved and authorized him if necessary to use a different law firm