ArabFinance: Mena Touristic & Real Estate Investment (MENA) announced in a statement sent to the Egyptian Stock Exchange (EGX) that Nabah Al-Hamra for tourism and real estate development, one of the subsidiaries of Mena Touristic, has been notified of issuing a resolution by Beheira Governorate with regard to annulment the contracted agreements with Nabah Al-Hamra Company.

Beheira Governate decided earlier to revoke the agreement that stipulated utilizing 480 acres and a lake with an area of 219 acres in order to establish the touristic project, in addition to, 460 acres in the purpose of reclamation for the Wadi El Natrun land. 

Nabah Al-Hamra Co. stated that it surprised from the resolution due to the robust of its position, adding, it paid all its contracted liabilities in addition to issuing jurisdiction verdicts in favour the company while there are other ongoing lawsuits that have been not settled yet. 

It is worth mentioning that Mena Touristic owns 50% of Nabah Al-Hamra Co. share capital with investment value worth EGP 1,067,485 as it's shown in financial statements for the FY ending December 31, 2018.

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