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FINANCIAL NEWS
Misr Aswan scraps deal with Palm Hills
27 Sep 2010
(MENAFN) Egypt’s Misr Aswan Tourism said that its shareholders have agreed to scrap a land sale contract with the country’s second-biggest listed property firm, Palm Hills Developments, and return money from the sale, Reuters reported.
Egyptian President Hosni Mubarak issued a decree in June canceling the sale contract for the land in the southern city of Aswan following a parliamentary debate about the price paid for it, state and independent media reported.
The government was involved because the Egyptian state owns over ninety percent of Misr Aswan Tourism, according to the company’s Chairman Mohammed Hassan.
Aswan, on the Nile river, is home to pharaonic ruins that help draw millions of tourists to Egypt each year.
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