Orascom Development Egypt has signed a $151 million deal to acquire rights from the Egyptian government to develop the last remaining land bank in the resort city of El Gouna and to settle a prior dispute over environmental infractions.
The master agreement, to which a number of ministries are signatories, allows the company to make significant changes to its flagship project, it said on Wednesday.
It will also exonerate ODE from charges filed by Egypt's Environmental Protection Agency in 2021, accusing it of dumping dredging materials off the coast.
The company had denied the claims.
The master agreement includes a plan to develop the 17.4-million square metre land bank, the company said.
The plan will also allow Orascom to develop about 1.2 million square metres of connected lagoons and build 1,000 hotel rooms every 10 years, it said.
El Gouna’s lagoon system will also be connected to the sea through two new canals to “improve water quality in existing and future projects”, Orascom said.
ODE also received permission to reduce its shoreline setback to 105m, from 200m, which will allow it to make better use of the most valuable land in the city.
It also received permission to undertake 24 environmental projects in El Gouna.
The transfer fee for the land bank amounted to $112 million, with $21 million payable upon signing the contract. The remainder will be paid in instalments over 15 years, the company said.
ODE will also pay $39 million for the reduction of the shoreline setback, the 24 environmental permits, the approval of the two new canals and the settlement of all disputes with the EPA.
The company said it would finance the deal through its cash and equivalent balances, which stood at 141 million Swiss francs ($152 million) in 2022.
It will also take out a loan worth $30 million from its main shareholder and use cash from future operations, it said.
Afcon 2019
SEMI-FINALS
Senegal v Tunisia, 8pm
Algeria v Nigeria, 11pm
Matches are live on BeIN Sports
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Match info
Manchester United 4
(Pogba 5', 33', Rashford 45', Lukaku 72')
Bournemouth 1
(Ake 45 2')
Red card: Eric Bailly (Manchester United)
SPEC%20SHEET%3A%20NOTHING%20PHONE%20(2)
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UAE currency: the story behind the money in your pockets
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
THE%20SWIMMERS
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THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
UAE currency: the story behind the money in your pockets
COMPANY%20PROFILE
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UAE squad
Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
All matches in Bulawayo
Friday, Sept 26 – First ODI
Sunday, Sept 28 – Second ODI
Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
TECH%20SPECS%3A%20APPLE%20IPHONE%2014%20PLUS
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Closing the loophole on sugary drinks
As The National reported last year, non-fizzy sugared drinks were not covered when the original tax was introduced in 2017. Sports drinks sold in supermarkets were found to contain, on average, 20 grams of sugar per 500ml bottle.
The non-fizzy drink AriZona Iced Tea contains 65 grams of sugar – about 16 teaspoons – per 680ml can. The average can costs about Dh6, which would rise to Dh9.
Drinks such as Starbucks Bottled Mocha Frappuccino contain 31g of sugar in 270ml, while Nescafe Mocha in a can contains 15.6g of sugar in a 240ml can.
Flavoured water, long-life fruit juice concentrates, pre-packaged sweetened coffee drinks fall under the ‘sweetened drink’ category
Not taxed:
Freshly squeezed fruit juices, ground coffee beans, tea leaves and pre-prepared flavoured milkshakes do not come under the ‘sweetened drink’ band.
The specs: 2018 Opel Mokka X
Price, as tested: Dh84,000
Engine: 1.4L, four-cylinder turbo
Transmission: Six-speed auto
Power: 142hp at 4,900rpm
Torque: 200Nm at 1,850rpm
Fuel economy, combined: 6.5L / 100km
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
