PHOTO
Image used for illustrative purpose. A Chinese construction labourer works at the site of Iconic Tower skyscraper, at its foundations in the business district, being built by China State Construction Engineering Corp (CSCEC) in the New Administrative Capital (NAC) east of Cairo, Egypt May 2, 2019. Picture taken May 2, 2019.
Egypt - The Egyptian Environment Protection Agency (EPA) decided to re-evaluate the fine amount signed against Orascom Development Egypt (ORHD) due to the violations and environmental damages caused by El Gouna Resort, informed sources told Al Mal Newspaper.
Orascom Development announced it has been negatively impacted from the fine of $33.9 million imposed by the EPA, the sources stressed.
However, the Ministry of Environment reconsiders the possibility of reducing the fine amount, the sources said.
In June 2021, the EPA informed Orascom Development that the new El Gouna project has violated the provisions of Article 19 of the environment laws as the agency claims the project polluted the sea with refinery waste.
ODE is the largest subsidiary of Orascom Development Holding (ODH). ODE is an integrated developer of resort towns in Egypt, with a vertically integrated business model involving the development of residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas.
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