Orascom Development Egypt (ODE) announces that its subsidiary Makadi Heights for Tourism Development Company (Makadi Heights) has been notified by the Egyptian Tourism Development Authority (TDA) of a decision to reduce the land plot previously allocated to Makadi Heights by 1.75 mn sqm, Invest-Gate reports.

Accordingly, ODE will file a formal petition against the TDA’s decision.

Today, ODE announces that the Egyptian Grievance Committee at the Egyptian General Authority for Investment and Free Zones (GAFI) has accepted the petition submitted by Makadi Heights and canceled the decision issued in January 2022, reversing the TDA’s land reduction.

Thus, the total land bank available for development at the Makadi Heights destination stands at 3.75 mn sqm.