53 tourist investors vying for 12 lands in Egypt’s North Coast, Sokhna, Magawish

Egypt’s Tourism Development Authority will trade off on Wednesday among 53 investors seeking to access 12 public lands for development in North Coast, south of Magawish, and Ain El-Sokhna.

The 12 lands are part of other 42 plots the Egyptian authority has offered earlier in August for tourism development on a total space of 28.84 million square metres.

Serag El Din Saad, Chairman of the Egyptian Tourism Development Authority, told Amwal Al Ghad on Monday that the prices of the 12 targeted lands are at average of $10-50 per square metre.

In North Coast, the price of the land would cost $50 per square metre; while in Red Sea it would be ranging between $10 and $26 per square metre, Saad added. In Ain El-Sokhna, the price of the land is at cost of $40 per square metre.

There is unprecedented turnout for the latest tender; there are 53 investors rushing to win 12 lands, which is a very big number indeed,” Saad said.