Cairo – Mubasher: Egyptian Resorts Co announced Wednesday that the administrative Court adjourned a lawsuit annulling Sahl Hasheesh land sale contract to 22 March 2016.
Pyramisa Hotels and Cruises Co. has filed the suit against the Tourism Development Authority (TDA) and others, where it challenges a direct award for allocating 42 million sq m, or 90% of Sahl Hasheesh resort without any commitment to reconstructing it.
Egyptian Resorts saw net profits of EGP 172.3 million in the first nine months of 2015, against losses of EGP 44.9 million a year earlier.
