Red Sea Project Land: 31 December Deadline to Turn a Sale Power of Attorney Into a Contract, at 1% of Market Value
Red Sea Governor Walid El-Borqi has set 31 December 2026 as the deadline to regularise project land that changed hands on a sale power of attorney, against a fee of 1 per cent of current market value — and building work must be finished by 30 September 2029.
13 October 2026
Anyone who bought Red Sea project land on a sale power of attorney has until 31 December 2026 to turn that paperwork into a contract, under a decision issued by Red Sea Governor Walid El-Borqi, according to Al-Masry Al-Youm, which says it obtained a copy of the decision.
The decision covers land allocated for projects anywhere in the governorate that has since changed hands under sale powers of attorney, where the contractual procedures were never completed. Holders have to apply to the competent local unit and pay a fee set at 1 per cent of the land's current market price.
The terms as Al-Masry Al-Youm sets them out:
- Applications to correct a plot's status close on 31 December 2026.
- Only sale powers of attorney issued up to 5 October 2026 qualify.
- The fee is 1 per cent of the land's current market price.
- Once it is paid, the local unit draws up a preliminary contract in the name of the person the land was transferred to.
- That contract requires building work to be completed by no later than 30 September 2029.
The same decision sets out how onward transfers are to be handled. A holder who wants to transfer allocated land must go to the competent local unit, obtain the required approval, meet the contract terms and sign there. The transfer fee is also 1 per cent of current market value, with exceptions listed in the decision. An agreement between the two parties, or a power of attorney on its own, is not enough.
Where contract holders have broken the terms of their allocation and do not apply before the deadline, the decision provides for legal action to cancel those contracts. The 30 September 2029 completion date applies to other land allocated for projects in the governorate as well.
The report does not say how many plots are affected, nor how the current market value that each 1 per cent fee is calculated from will be assessed. For plots on this coast that were allocated for hotels, resorts and commercial projects and then passed on without the contracts ever being finished, the decision offers a route to a formal contract — and a date after which that route closes.