Marsa Alam

[queenie40something]

Thats great stuff Zeiad thanks for updating investors x

[cin7166]

Brilliant! Thanks for your work and patience Zeiad.

[samui13]

Glad its all worked out for you guys in the end. Now breath a big sigh of relief!! (or have a glass of wine and celebrate).

Lou

[bombers]

thats great news thanks zeiad

[ricardothered]

great stuff, good work Zeiad. So what happens now? will IPI send out new contracts, dd etc with ammendments added in both languages?

[chriscross34]

Zeiad, thank you for taking the time and effort to pursue this, will be in touch, Regards
Chris Hannon

[Zeiad Yehia]

Dear All,

You are trul welcome, and I mean 'truly'

Now for those who desire to purchase there, there is a new "bilingual" contract in both Arabic and English, since Arabic as some of you may know is the language solely recognized by Egyptian courts.

The First Party in the new contract is SERY for Constructions, being the legitimate owner recognized in the governmental contract and building license. However, IPI is now a legal representative of SERY by virtue of a special power of attorny entitling IPI to act on behalf of SERY against purchasers and governmental uilities.

IPI was very cooperative by the way, and this tells me nothing but that they have always had good intentions.

The contract is changed already, and the PoA was articulated already, and now it just needs to be notarized "which is easy", and then every thing is in a perfect order.

We have there:

1- A valid title of deed granted to SERY.

2- A building licensed to be issued soon, but the developer has taken the right measurements to obtain it, and consequently it is now a matter of time since it is in the hands of the Egyptian government now.

3- A valid contract after Arabic was included and after the first party was amended to be SERY, and IPI being the legal representative.

4- A PoA articulated properly, and all what it needs now is the notary public stamp, and this can be done either in Holland or in Egypt.

Any further enquiries please send to the emails, but again the situation is now fine, as the major legal obstacles were eliminated.


All the best,

Zeiad Yehia
Solicitor

[Cliff277]

Thanks Zeiad thats good news.
I spoke to Sue Lovett at IPI on Friday and she told me that there was a new agreement but it was not quite ready and she would send it as soon as possible.
Thanks again

Cliff

[Jacky Hep]

Originally Posted by samui13

Glad its all worked out for you guys in the end. Now breath a big sigh of relief!! (or have a glass of wine and celebrate).

Lou

I agree with Lou, and hope it all works out for you guys who persevered despite obvious questions about ownership of the project.

Unfortunately the latter may have caused some to extract from the project within their 28 day deposit period, as we, finding it impossible to accept a contract risk - the DD suggesting IPI did not own the development yet but had distributed contracts apparently assuming ownership; clearly suggested amending was necessary and unfortunately IPI only seem to have conceded this thro' Zeiad's motivation; it is to his, and IPI's, credit that a corrected contract and translation are to become available, albeit they should have been from the off. Being cautious we would still be concerned that more naive committments may be made to clients by IPI along the way....when Zafarana and Marsa Alam Beach Resort are finally up and running smoothly IPI will have earned it's wings in Egypt.

PierreM (and presumably his legal advisors) was prepared to go ahead without specific ownership for IPI in the original contract - fortunately his experiences, and Zeiad's attention to detail, seem to have served his gamble well. Good luck.

Jacky

[Liz]

Hello, I'm Liz. Have put a deposit on a one bedder at MABR. Having just watched a TV programme about the dire state of the airline industry and the fact that they are ceasing to run many flights around the world has given me great cause for concern. Is anyone else worried. I am contemplating pulling out as I have no rental guarantee to fall back on and wonder if there will be many holiday makers at all now that the age of cheap flights is over.
I'd love to hear from anyone with any advice. Apart from Thomson and Thomas Cook (I think) I am not sure how many airlines fly to Marsa Alam. But these could all be cut at any time. Hope to hear from someone before I pull out.
Liz