ArabFinance: Egyptian Resorts Company (ERC) said that it did not receive any official resolutions regarding confiscating the company lands by the government, according to ERC’s statement released on July 12th.
The dispute of the third stage land, spanning 20 million square meters, with Tourism Development Authority, is under review by the court, ERC said.
The company’s consolidated net loss stood at EGP 45.485 million in 2020, compared to EGP 63.564 million incurred in 2019.
ERC is an Egypt-based company that operates in the tourism and hospitality sectors. The company is engaged in the construction and management of integrated touristic and residential projects in Sahl Hasheesh, Red Sea Governorate.