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Hilton to open fourth Hurghada hotel

Hilton Worldwide has announced that it will open its fourth property in Hurghada next year. The 676-room Hilton Makadi Resort will open in June with 330 rooms and the others are expected to open by Q2 2012. "Our brand's global growth, particularly in the resort and leisure segment, continues at a rapid pace as we mark the signing of another Hilton property in Egypt,” said Dave Horton, global head of Hilton Hotels & Resorts brand. “Our flagship brand first entered Hurghada in 1995.Since then the area has developed rapidly and it continues to be a growing tourist destination,” added Jean-Paul Herzog, area president for Hilton, Middle East and Africa.

http://www.traveldaily.co.uk/AsiaPacificNews/Detail.aspx?Section=21337

Cabinet approves draft law on development of Sinai

The cabinet approved a draft law on Wednesday concerning the development of industry and infrastructure in Sinai, and the transfer of population to the peninsula. The draft has yet to be submitted to the ruling military council for endorsement.

According to the draft, the government aims to form a national authority in Sinai to manage development projects. The authority would be comprised of representatives from 16 different ministries as well as Sinai Bedouins and youth representatives.

It also aims to improve the living standards of the Sinai residents by building a city of a million inhabitants east of Port Said, cultivating 400,000 acres along the al-Salam Canal, and developing the Gulf of Suez and Valley of Technology Project.

The draft restricts property ownership in Sinai to Egyptian individuals and corporations. Foreigners inheriting property there will not be allowed to manage it without prior approval from the authorities.

Projects would be offered on a usufruct basis for a maximum of 99 years that could be inherited but not owned, and the authority may annul the contracts of projects that have violated rules established by the draft law.

The law stipulates that an authority-affiliated judicial committee be formed to consider disputes over projects. Investors would be prohibited from resorting to international arbitration.

http://www.almasryalyoum.com/en/node/487339

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Massive numbers - Egypt hopes Qatar will finance $32.8 billion of infrastructure projects in Port Said http://t.co/B8agcY5a Bloomberg”

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any news ?