Cairo – Mubasher: Orascom Development Egypt (ODE) announced that its subsidiary, Makadi Heights for Tourism Development, has concluded an agreement with the Tourism Development Authority for an additional grace period of 8.50 years for its project.
The company noted that the extension will provide time to develop the remaining undeveloped lands in Makadi Bay, according to a press release.
The grace period was granted in exchange for $5.60 million to be paid over 10 years. Makadi Heights has already paid $1.10 million and has scheduled the remainder to be paid in instalments.
It is worth noting that Orascom Development Egypt turned to a consolidated net loss of EGP 984.50 million In the first quarter (Q1) of 2024, compared to a net profit of EGP 384 million in Q1-23.
