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Egyptian Resorts says Sahl Hashish position ‘legal’

   Last update : 29 September 2013 09:46 AM
Egyptian Resorts says Sahl Hashish position ‘legal’
Mohamed Ibrahim Kamel, Managing Director of Egyptian Resorts Co. (ERC) ruled out any plans to seek bank loans to finance the company’s project in the Red Sea Governorate.

In an exclusive to El Wafd Gate, the top official added that his company prefers to finance projects via its funds, adding that it may resort to capital increase if it needs financing.

Kamel also stressed that his company’s position is ‘legal’ in the case of Sahl Hashish land sale. He said that ERC plans to invest nearly $200 million to build a touristic project in Sahl Hashish.

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