El-Sokhna Travel wins Ain El-Sokhna land for L.E. 801

Chairman of the Holding Company for Tourism and Cinema Ali Abdul Aziz declared the winning of El-Sokhna Travel “Under Establishment” the bid of land and hotel of Ain El-Sokhna, which comprises a group of 10th of Ramadan Investors featuring Mohamed Farid Khamis, Mohamed Abul Einin, Samir Aref, Walid Hilal and Mohamed Farid Hassanain with Italian expertise with total of 801 Million Egyptian Pounds, in which the price of one meter reached to 1716 Egyptian Pounds in addition to a sum of L.E. 20 Million the company is committed to pay annually as value of right of use to Suez governorate which owns 58 feddans in the land of project.

Abdul Aziz said that the bid witnessed a heated competition for 68 rounds and it began with L.E. 50 for meter. He asserted that the bid continued between three companies namely Emar of UAE, Egyptian Ramco and the winning company until Emar withdraw at the price of L.E. 1491 for one meter and Ramco and El-Sokhna until Ramco withdraw and the winning company got the deal with a difference of one pound over Ramco.

The Chairman of the Holding company confirmed that the winning company will pay the full sum of money to the holding company.

On his part the Governor of Suez Seif El-Din Galal assured that the governorate sold the land of El-Sokhna with the system of Right of Use for 75 years against L.E. 20 Million each year with an increase up to 5% every 10 years.

project will be retained to the governorate following end of term or negotiating over it.
He pointed out that Suez governorate will form a committee for follow up of the implementation of project and overcoming all obstacles that are faced and help in speeding up execution.
The total area that was under the bid was 170 feddans, 58 of which is owned by the Suez governorate and the rest is owned by the Holding Company for Tourism and Cinema.

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