Update From The Recent IPI meeting

Hopefully all investors have by now received the minutes of the recent meeting held on November 16th. Here is a summary of some of the information provided by IPI in the Question & Answer session:

• Funds earmarked for the sea swimming pool are now being utilised for further restaurants and a larger wellness centre.
  
  
• The possibility of using the owner’s allocated of 6 week usage in a single trip by booking 2 apartments for three weeks simultaneously will be considered by IPI. But a minimum of six months would be required to hold this option.
  
  
• A maximum of 6 people can stay in the 2 bed apartments, four adults and two children (under 12 years of age)
  
  
• A maximum of 8 people can stay in the penthouse apartments, six adults and two children (under 12 years of age).
  
  
• Foldaway beds which will be provided on request are suitable for children only. Other furniture/utensils, e.g. plates, are already in place. Extra towels will be provided by the housekeeping.
  
  
• Beach clearing / preparation is being discussed with the Egyptian authorities, currently there will be partial preparation of the beach area. However, there will be areas where it will be necessary to wear suitable foot wear to enter the water.
  
  
• The shuttle service from Cairo is in operation, a similar service from Hurghada can be arranged when the need arises.
  
  
• A jetty of approximately 80 metres long will most probably be constructed. The possibility of locating a large boat on the second reef (located 100m from the shoreline) is also being looked at.
  
  
• The diving school and water sport activities will be managed by Diversity.
  
  
• Best Western will start advertising the resort on their website three months before the opening of the resort.
  
  
• Best Western Zafarana Beach Resort is 5 star resort and will be aimed at the higher end of the market, excluding the East European market.
  
  
• During the rental periods by paying guests the apartments will be cleaned daily. However, the apartments will be cleaned once a week during the owners stay at no cost. Owners can pay for additional cleaning if they wish.
  
  
• The theatre is being relocated to the right side of the beach by the diving school, and well away from apartments. Any noise from the theatre will be minimal.
  
  
• The tennis court will only be available for use in winter. The base of the court is yet to be decided.
  
  
• All two bedroom apartments will be equipped with all required pipes for the installation of air conditioning.
  
  
• If necessary air conditioning will be arranged for paying guests to maintain the resort’s 5 star status.
  
  
• The challenge park is still in the planning; IPI cannot give the location or dates yet.
  
  
• There are no more facts known about the proposed airport at Ain Sokhna.