Egypt: TDA reaches agreement on Makadi Heights’s undeveloped land bank

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The total sum is comprised of a $1.1mln down payment, with the remaining $4.5mln to be paid in equal annual installments over a 10-year period

Staff Writer, Arab Finance

July 5, 2024

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Egypt - Orascom Development Egypt’s (ODE) subsidiary Makadi Heights for Tourism Development Company (Makadi Heights) has accepted the Egyptian Tourism Development Authority’s (TDA) request for an additional payment of $5.6 million in exchange for an eight-year new development timeline for Makadi Heights' remaining undeveloped land bank, as per a filing.

The total sum is comprised of a $1.1 million down payment, with the remaining $4.5 million to be paid in equal annual installments over a 10-year period.

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