Minister of Housing, Utilities, and Urban Communities, Engineer Sherif El-Sherbini, announced that the Board of Directors of the General Authority for Tourism Development has approved a grace period for tourism development companies. Companies that settle all outstanding land payments by August 31, 2025, will be exempt from late payment penalties. To demonstrate commitment, companies must pay 10% of the due amounts by October 31, 2024.
Additionally, the board decided to explore the inclusion of luxury hotel residences or serviced apartments in tourism projects and to launch a comprehensive digital platform for engaging with investors. This initiative aligns with the state’s digital transformation strategy, aiming to support investment, streamline procedures, and accelerate tourism development.