Egyptian Grievance Committee accepts Makadi Heights’ petition and cancels the land bank reduction decision issued by the Egyptian Tourism Development Authority (TDA).
Orascom Development Egypt (ODE) announced that its subsidiary Makadi Heights for Tourism Development Company (Makadi Heights) had been notified by the Egyptian Tourism Development Authority (TDA) of a decision to reduce the land plot previously allocated to Makadi Heights by 1.75 million square meters. ODE also announced that it would file a formal petition against the TDA’s decision.
ODE today announces that the Egyptian Grievance Committee at the Egyptian General Authority for Investment and Free Zones (GAFI) has accepted the petition submitted by Makadi Heights and cancelled the decision issued in January 2022, reversing the TDA’s land reduction.
Accordingly, the total land bank available for development at the Makadi Heights destination stands at 3.75 million square meters.