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

Getty Images/Getty Images

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

PHOTO

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.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.