EGP nudges higher vs. USD in early Thursday trading    Global electricity demand to surge through 2026 – IEA    Japan's c. bank holds key interest rate    Egypt, US FMs discuss Gaza crisis, Nile water security    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt exports first high-tech potato seeds to Uzbekistan after opening market    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    I won't trade my identity to please market: Douzi    Sisi sends letter to Nigerian president affirming strategic ties    Egypt, Senegal sign pharma MoU to unify regulatory standards    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



TDA considers delaying 20m metre tender to 4Q 2014: Tourism ministry official
Published in Daily News Egypt on 12 - 08 - 2014

The Tourism Development Authority (TDA) is considering deferring the tender of 20m square metres to the last quarter of 2014 following parliamentary elections according to a Ministry of Tourism official.
The official attributed the postponement to the fear of little investor interest if the tender were to take place during the month.
Egypt's tourism income declined during the first half of the year to $3bn, down from $4.4bn for the same period last year.
The TDA offered a tender for 19m square metres in areas under its jurisdiction in the Red Sea and South Sinai last December. Only 5 sites in Ain Sukhna and Ras Mohammed were purchased, with the price per metre for the five sites ranging between$75-163.
Although four companies were awarded the five sites, two eventually withdrew from the deal.
The TDA hopes to attract investments of EGP 9-10bn from the tender process this year according to Serag El-din Saad, Chief Executive of the Authority.
He added that the tender will follow the system of financial and technical differentiation instead of the measures stipulated by the tenders and auctions law.
"Land tenders form a large risk at present in light of the tourism sector's circumstances," said Hossam Al-Shaer, Chairman of the Egyptian Travel Agents Association.
Al-Shaer felt that the offer should be expanded by adding investment opportunities giving the tourism sector greater power in light of competition from other countries in the region.
Over the past ten years, investors have expanded Egypt's hotel capacity without expanding services, trade, and recreational investments next to resorts, Al-Shaer said.
There are currently 208,000 hotel rooms under construction according to the head of the Egyptian Federation of Chambers of Tourism, Elhamy Zayat.
Current hotel capacity expansion is negatively affecting the price of tourism services thanks to the presence of a plethora of rooms against weak tourism demand in Egypt.
Egypt suffers from low tourism rates due to political unrest over the past three and a half years. According to the Sub-Accounts Unit of the Ministry of Tourism, tourist spending has fallen to less than $63.3 per night compared to $85 per night at the end of 2010.
Zayat feels that the drop in spending and hotels' inability to conduct maintenance processes and replace assets affects tourism investment negatively.


Clic here to read the story from its source.