Egypt plans to auction lands for tourist projects
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Egypt plans to auction lands for tourist projects

Egypt plans to auction lands for tourist projects

Egyptian tourism minister, Hisham Zaazou has announced sites covering 28 million sq m of land are set to be auctioned for tourist developments in the next 14 months to expand the vital industry, Reuters has reported. Sites due to come up for auction will include Red Sea resorts such as Ain Sokhna and Marsa Allam."I will start auctioning (the land) maybe next month and before the end of 2013 all of the 28 million sq metres will have been put on offer," Zaazou said, adding that the offer has already been met with interest from European and Gulf investors. Some of the sites to be auctioned would be sold, others would be for lease, he said.

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