TDA nods to waiving late payment fines for tourism investment, development firms
Updated 8/27/2024 9:21:00 AM
Arab Finance: The Tourism Development Authority’s (TDA) board has approved waiving late payment fines for tourism investment and development companies that commit to paying off all due installments by August 31st, 2025, Minister of Housing, Utilities and Urban Communities Sherif El Sherbini stated.
Accordingly, these companies are required to pay 10% of the installments by October 31st, 2024 as a demonstration of their commitment, El Sherbini noted.
Moreover, the TDA’s board has also decided to offer development and investment companies in Taba and Ras Sidr a two-year extension of their project implementation deadlines and other incentives amid the current geopolitical challenges.
The minister also revealed that TDA invested EGP 54 billion in projects within its jurisdiction over the past year, adding around 3,260 hotel rooms and 7,555 new accommodation units, in addition to achieving actual revenues worth EGP 2.85 billion.
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