Settling Several Egyptian Tourism Companies' Contracts

The Minister of Tourism, Mounir Fakhry Abdel Nour, stated that the cabinet of ministers approved several settlements with investors to regain the state right in allocating some lands for Egyptian investors. He said that number of settlement memorandums were signed with five companies where 23 million m2 were regained, amounting to USD 44 million and USD 11 million were collected cash and the rest will be gained in accordance to schedule. The Minister added that EGP 45.5 million were also obtained from the amount been paid on account of lands allocation being regained.

The Minister stated that these lands will be offered for new investors with affordable prices, meeting the current market conditions. Settlement was taken with Gamsha Co, Al-Naem Company for Hotels and Resorts, Rainbow Company for Tourism Companies, and the rest of companies waived the amount of money paid as primary allocation, as well as settlement with Cleopatra Company for Integrated Development and Tourism Investment and re-pricing the land meter therein for USD 5 instead of USD one at the north coast.

The Tourism Minister said that settlement was carried with 6 companies, and land re-pricing was taken in Ras-Hawala at the north coast on 2.195 million m2; USD five per meter instead of USD one. He noted that lands were not withdrawn from serious investors, but the government regains their right in lands prices difference.

Number of tourists visited Egypt over the recent period in the first quarter of the current year witnessed increase reaching 32% compared to the last period.