Minister of Tourism Zuhair Garrana witnessed the signing of agreement contract between Tourism Development authority and Qatari Deyar company for Real Estate Investment for establishment of an integrated tourism project at Red Sea governorate, at Sharm El-Arab and Sharm El-Naqa centers, 35 kilometers south of Hurghada on an area of 35 million square kilometers with a total cost of ten billion Egyptian pounds.
The agreement was signed by Chairman of Tourism Development Authority Khalid Makhlouf and Chairman of Board of Directors of Qatari Deyar Company for Real Estate Investment Nasser Al-Anssary.
Minister of Tourism said that the project is the advent of new policy of the Tourism Development Authority in which it seeks allocation of large areas for investors who implement integrated tourism projects that help on sustainable development, which is the main objective of the ministry.
He added in the press conference that was held on this occasion that the Authority is proceeding in development operations in parallel between the giant projects and normal projects that have normal areas that are suitable to what the small investors used to as such type is capable of establishing tourism projects of quick completion while the giant projects are projects with long term investments.
He pointed out that the land for this project of AlDeyar is allocated since one and half years, but all procedures were completed so the signature took place now.
Mr. Zuhair Garrana said that the new rules that are prevailing on all projects would compare offers on various lands and new prices will be applied. He stressed that Tourism Development Authority Board is the only body held responsible for this selection.
The Minister of Tourism explained that law of ownership of foreigners of residential units will be valid as from next month, after the Ministry reached to a specific formula for authentic contracts at the Real Estate Department. He asserted that ownership of foreigners is governed by rules that allow of full ownership in some regions and with right of use in other regions.
Chairman of Qatari Deyar company disclosed that the company will immediately commence in the studies of the project as regards of environmental and maritime studies as well as those of infra-structure. He made it clear that these studies would last one year then the actual building starts.
He added that this project at Hurghada while the other project is at Sharm El-Shaikh, as the company is seeking for building integrated tourism cities not just tourism resorts only, as the cities would be operating the year long as for regular labour and continuity of tourism flow.
He reiterated that the company was established in 2005 in Qatar only and now it is spread in 32 countries around the world with wide investments in these countries reaching to 32 billion dollars, which affirm that the company is serious in investments and in having giant projects in many world states which would help on applying this experiment in Egypt.