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Egypt Reprices Land Withdrawn From Tourism Developers, Mal Says

Egypt’s Tourism Development Authority has set $5 to $12 as the new price range per square meter of land withdrawn from developers of tourist areas, Al Mal reported citing an unidentified official at the authority.

The tourism agency will return the land to the developers if they agree to pay the new rate, the newspaper reported. Land plots belonging to 179 companies were withdrawn because less than 1 percent of each of them had been developed, Al Mal said.

To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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