The government is reportedly exploring the possibility of granting Saudi Arabian citizens ownership rights in Sinai, which would amount to a violation of the Sinai Development Act, government sources tell Al Mal. The move is apparently coinciding with numerous plans in the works to attract Saudi investments in Sinai, including tendering 8 mn sqm in around Sharm El Sheikh, according to a source who is part of a committee to draw up potential investments in the peninsula. Under the Sinai Development Act, foreigners are restricted to usufruct possession of land and not ownership. As we noted this week, the move was part of a series of recommendations by the Tourism Committee of the Egyptian Businessmen’s Association to resurrect the tourism industry.