company said Orascom Development Egypt, owned by the businessman Samih Sawiris, that it received a letter from the Tourism Development Authority, to reduce the area of land allocated for development in the Makadi Heights project by 1.75 million square meters from 3.75 million square meters to 2 million square meters, noting that the land area of 1.75 million square meters that was reduced represents only about 3.5% Of the company’s total portfolio of 50.25 million square meters by the end of 2021.
The company added, in a statement to the Egyptian Stock Exchange, today, Wednesday, that it intends to file an official grievance to request a reconsideration of the decision issued by the Tourism Development Authority in order to preserve the company’s rights.
Orascom noted that it had purchased the land according to an official allotment decision from the Egyptian government in 2009, and the company had paid the price of the land in full, explaining that all phases of the project that were previously sold and also newly launched fall within the area of the land allocated to the group, which amounts to 2 million square meters, and that all customer rights are fully reserved.