almal > RightWingAd
almal > LeftWingAd

GATD to give developers the right to hotel-style management

Thursday 14 February 2019 08:49 PM

General Authority for Tourist Development
General Authority for Tourist Development

By Ahmed Ashour 
General Authority For Tourism Development is set to put in place guidelines giving developers free hand in managing villas and chalets included within their existing or new projects. 
GATD's projects are made up of  hotels and housing units at rates determined by GATD, as developers have the right to sell or dispose of housing units on usufruct basis. 
" The new guidelines shall give developers the right to hotel-style hospitality management by means of  contracting with the buyer or the usufruct owner in accordance with certain specifications ascertaining the delivery of  quality service, such as unifying furniture and linens," said chief executive of GATD Serag El-Deen Saad. 
The guidelines can bolster  utilization of the properties and thus help maximize tax revenues that go into the state coffers. 
" The developer shall enter into agreement with the client twice, first to buy and second to manage a housing unit at returns specified beforehand, thus enabling him/her to let units more than once." 
The guidelines  help create a new tool that encourages foreigners to buy tourist units, a move that can result in advancing the   property export strategy and generating hard currency, according to Saad who predicted the new tool to allure many developers.