By Abdel Razek Al-Shuwekhi
The General Authority for Tourism Development agreed to extend the deadline for tourism companies until the end of 2014 to reconcile their statuses, said a Tourism Ministry senior official.
The official added that the deadline aims to ensure companies do not withdraw from land for their projects.
Tourism investments on development lands is EGP 70bn, most of it located in the Red Sea Governorate, South Sinai and Suez, according to the official.
The deadline came as part of the Authority’s programme at the beginning of 2014 to impose a late penalty of 15% of the land’s value on projects not being implemented.
Siraj Al-Din Saad, CEO of the Tourism Development Authority, said the extended deadline is for the ministry to avoid withdrawals from land and to ensure confidence in Egypt’s investment climate.
The Ministry of Tourism aims to attract both domestic and GCC investments by marketing investment opportunities for comprehensive development projects. Saad added that there are more than 500,000 metres of land allocated for this.
The Tourist Development Authority gave initial approval for requests submitted from nine projects in the Red Sea to obtain unused land neighbouring their existing projects, said Saad. He believes these additional lands will be obtained by the projects, and it is a good chance for growth.
The Authority also assigned seven new development projects in the Red Sea and Ain Sukhna on an area of 5.2m square metres, according to Saad.