Arab Finance: Marsa Marsa Alam For Tourism Development (MMAT) announced that Civil Protection issued a decision of administrative closure of till execution of Badawiya Hotel until it meets all of its conditions.

The company added in a statement sent to EGX, that it is doing its best to implement the conditions it agreed with the Civil Protection.

Marsa Alam asserted that this procedure is just an administrative decision regarding the hotel rooms only to motivate the hotel to remove violations, confirming that it won’t affect other activities.

The company revealed that it has finished the final designs of touristic residential project attached to the village, which will include 450 residential units, with investments cost of LE1.140 billion.

The company stated that, it is about to sign a contract with a Gulf Real Estate Marketing firm this month to promote the project.

Source: EGX & Arab Finance editor