Orascom Development’s (ORHD) subsidiary Makadi Heights received a letter from the Tourism Development Authority notifying it to reduce its area of land allocated for development from 3.75 million square meters to 2 million square meters.
More Details🧐 The reduced area of land represents 3.5% of ORHD’s total owned land area (50.25 million square meters as of the end of 2021).
According to a disclosure to the EGX, ORHD stated that Makadi Heights purchased the land according to an official allocation decision from the Egyptian government in 2009, & paid the price of the land in full.
Why is this Important🤔 ORHD added that all phases of the project that have been sold & recently launched are located within the unaffected 2 million square meter area, meaning that customers’ purchases are protected.
ORHD will be appealing the decision, & “will continue to update its shareholders and the market on any relevant developments as they occur.”