Dear colleagues and members of CDWS in the South Sinai Governorate,

Please find the South Sinai Governor decree # 151 / year 2011 received by CDWS today. To view the decree, click here 

Article one

The value of the monthly rent is to be calculated according to the overall occupancy rate of Sharm el Sheikh as follows:

1 - the minimum monthly rental value (25%) of the monthly rental value of the contract in the case of occupancy rate lower than 25%
2 - the monthly rental value is equal to the occupancy rate up to 50%
3 - the monthly rental value is (65% ) of the monthly rental value of the contract if the occupancy rate is between 50% and 60%ListenRead phonetically

Dictionary

4 - the monthly rental value is 75% of the monthly rental value of the contract if the occupancy rate is between 60 % and 75%
5 - the monthly rental value is 100% of the monthly rental value of the contract if the occupancy rate is more than 75%

Article Two
Percentages contained in the first article are applicable to all malls and shops of all activities, as well as beaches / plantation / green areas in Sharm el Sheikh.  

Article Three
The governorate is to calculate and send an average occupancy rate to the local entities of the city of Sharm el-Sheikh each month. 

Article Four
This resolution shall apply with effect from 01.06.2011 and competent authorities should implement it.  

CDWS wishes a mutual win - win agreement between you and your landlord. 

Thank you and best wishes

CDWS Managing Director
Zeyad M. ELBassel

2 June, 2011

To read this announcement in Arabic, please click here