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Wednesday, 24 October 2018

Second government tender for Ras Sudr airport fails despite amended conditions

Gov’t again fails again to attract investors for EGP 2 bn Ras Sudr airport project: A government tender to develop an EGP 2 bn airport and adjacent tourism resort in Ras Sudr has failed for the second time after an Egyptian-Saudi consortium and a separate Egyptian-Emirati group fell short of conditions in the tender, a source close to the matter told Al Mal. After an unsuccessful attempt to attract investors last year, the government had amended the tender’s terms and conditions, allowing companies to own the land on which the resort would be built, under a build-operate-transfer (BOT) framework, rather than have the land allocated under a usufruct license.

If at first you don’t try and try again. Tourism Development Authority (TDA) boss Serag El Din Saad told local news earlier this week that the Airport Holding Company (AHC) may relaunch the tender for the project. The TDA and AHC are expected to meet to discuss the next step after this latest development, the newspaper says.

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