Egypt delays selecting winners in tourist development lands until Dec. 7

Egypt’s Tourism Development Authority decided Wednesday to postpone trading off among 53 investors seeking to access 12 public lands for development in North Coast, south of Magawish, and Ain El-Sokhna until December 7th.

The authority took the postponement decision at the bidders’ request, TDA chairman Serag El Din Saad told Amwal Al Ghad on Wednesday.

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.

The prices of the 12 targeted lands are at average of $10-50 per square metre, Saad added.

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 stated. 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.