Due Diligence Report for Moona Project -

Nabq Bay - Sharm el Sheikh

 

Land Plot Legitimate Owner The International Company for Touristic and Medical Resorts
Complex Brand (Commercial) Name MOONA
Authorized Representative

Mr. Gamal Ahmad Aly Mohammad Ashour
Report Date 17 / October / 2009

 

This due diligence report was prepared by EdgeBridge Law Firm (Zeiad Yehia), according to the request of The International Company for Touristic and Medical Resorts and Sharm el Sheikh Real Estate Agency. It aims to illustrate the legal situation, and verify the legal validity of the premise. EdgeBridge Law Firm has prepared this report after perusing the relevant governmental documents which are elucidated in details in the report, with no liability on EdgeBridge.

 

 

Legal Facts:

 

A) Legitimate Owner and Deed Evolution:

 

Dated as of the 21st of April, 2008, an assignation resolution was issued by the Ministry of Tourism, Public Institution for Tourism Development, Executive Head Office, holding number (21), assigning the land plot in Nabq Bay, with borders defined as will follow, to The International Company for Touristic and Medical Resorts.


The official resolution had defined the land plot subject-matter of transaction as follows:

 

Of a total area equals to 40276.90 m², and whose boundaries are defined as follows:

 

Northern Boundary: Suggested road joining between points (A) and (B), of length equals to 251m.

Southern Boundary: Suggested road joining between points (D) and (C), of length equals to 252.73 m.

Eastern Boundary: Suggested road joining between points (B) and (C), of length equals to 159.92 m.

Western Boundary: Suggested road joining between points (A) and (D), of length equals to 159.91 m.

 

 

B) Developer :

 

The International Company for Touristic and Medical Resorts is the project’s official developer.

 

The International Company for Touristic and Medical Resorts is a joint stock company established under law number (8) of 1997.

 

The Company is holding commercial register number (24896) issued by the Investment Commercial Registry Office in Cairo, and the serial number of the said company is 530006475.

 

The commercial register had defined the following persons as authorized representatives for the Company:

 

Partners (Stage 1):

A- Mr. Mounir Mohammad Raouf: Chairman.
B- Ms. Safinaz Mohammad Raouf Ahmad: Board Member.
C- Ms. Dalia Ahmad Maher Abdel Azeem Mamdouh: Board Member.


Partners (Stage 2):

A- Ms. Safinaz Mohammad Raouf Ahmad: Delegated board member, entitled to represent the company solely against third parties.

 

Partners (Stage 3):

The abovementioned partners have all parted the company, replaced by the following partners:

 

A- Mr. Gamal Ahmad Aly Mohammad Ashour: Chairman.
B- Mrs. Soaad Meshref Mohammad el Mahdy: Delegated Board Member.
C- Mr. Mohammad Ahmad Aly Mohammad el Mahdy: Delegated Board Member.
D- Mrs. Ola Ahmad Aly Mohammad Ashour. Board Member.


It must be clarified that the signature of Mr. Gamal Ahmad Aly Mohammad Ashour and of Mrs. Soaad Meshref Mohammad el Mahdy are required jointly or separately to validate any treatment against the state, public utilities, banks, and individuals. Consequently any of the aforementioned signatures is imperatively required on every sale / usufruct contract the company issues to every purchaser.

 

The company's commercial register validity expires on 29/05/2032.


The Company’s purpose was defined in the commercial register as “Establishing and operating an integrated hospital, granted that 10% of its capacity can be utilized free of charge, establishing and operating a four star tourism village with all its pertinent services.

 

The Company’s headquarters is defined as “Building 71, Mosaddaq Street, Dokki, Giza Governorate, Egypt

Nabq Tourism Center, Aquaba Bay, Ras Sodr, South Sinai Governorate, Egypt.”

 

The Company’s official branch is defined as “Back Division of The Touristic Center of Nabq, Aquaba Bay, Sharm el Sheikh City, South Sinai Governorate, Egypt.”

The Authorized Representative of the project, responsible for dealing with third parties in practice, is the delegated board member Mr. Gamal Ahmad Aly Mohammad Ashour.

 

 

C) Building Permission / License and Design Engineer:

 

Dated as of 14 / 4 / 2008, a building permission had been approved by the government for residential purposes whereas the project number is E0605. The building license had defined the land plot subject-matter of the project as land plot number (15), Nabq Center, South Sharm el Sheikh, Aquaba Bay, Egypt. Design engineer is Eng. / Sabry Fahmy.

 

Residential Units

Residential Buildings were classified in the governmental building permission as Type (4). It is permitted to construct residential units on four floors; Ground Floor, First Floor, Second Floor, and Roof Floor.

 

 

D) Taxation:


EdgeBridge has perused the Tax ID of the developer. The Tax ID had not shown any delayed taxes due on the developer to the government.

 

End of report.

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