CAIRO: Emaar Egypt is close to concluding a deal on two alternative land parcels in Ain Sokhna sea resort after withdrawing from acquisition of land offered by Egypt’s Holding Company for Tourism (HCT), a senior company official said on Thursday.
He confirmed that the new deal was behind Emaar’s withdrawal from buying Al-Sokhna Hotel and land plots, as the land deal “better met the company’s strategy.
Consequently, the HCT teamed up with the International Group for Real Estate Investments to complete the deal on the hotel and its associated land plots. If the next top three suitors withdraw from the deal, HCT will terminate the tender altogether.
The three suitors are the International Group for Real Estate Investments, Egypt Sons, and the Spanish Marina Door.
Initially, Emaar Egypt was supposed to pay 25 percent of the total value of the deal starting Sept. 20. However, after its withdrawal, the HCT withheld Emaar’s letter of guarantee worth LE 3 million.
