Egyptian developer AK for Real Estate Development & Marketing, S.A.E., announced today that it has reached an agreement with the Governorate of Matrouh, per which both parties will enter into a new contract regarding AK’s beachfront land on the Mediterranean coast of Egypt.
Company officials, including its acting chairman and primary shareholder Dr. Ayman Kandeel, met with the governor of Matrouh earlier this week, and terms to a new contrat have been reached.
AK’s executives expect the settlement agreement with the Governorate of Matrouh to expedite the company’s efforts towards turning its 5.5 square meters of land into a new tourstic city, catering to Egyptians and foreigners alike.
The settlement is also expected to trigger interest from banks, investors and sub-developers, given the strategic location of the company’s land: less than fifteen minutes away from Al Alamein charter airport, and about five kilometers from the entrance of the new Alamein freeway, expected to be opened by Egypt’s president early 2016.
AboutAK for Real Estate Development & Marketing, S.A.E.
AK for Real Estate Development & Marketing, S.A.E., acquired its beachfront land in 2006, and obtained its first allocation contract from the Government of Egypt in 2008, followed by another in 2009.
The company had an ambitious plan to build a new coastal touristic city, but it’s dream was halted temporarily due to the events of the so-called Arab Spring, which started in January 2011.
By the end of 2013, Egypt showed its determination to get back on track, as the government decided to establish the Investors’ Settlements Court, which expedited the process of rectifying the legal status of land ownerships post Arab Spring. In 2014, the ISC ruled in favor of AK for Real Estate Development & Marketing, S.A.E., and the land was rightfully returned to the company.