At an important meeting on Monday 22/4/2013, Prime Minister Hisham Qandil said the law regulating possession of Sinai land will not be applied retroactively.
Attending the meeting were Ministers of Investment and local Development, Head of Sinai Development Agency (SDA) Major General Mohamed Shawki and the governors of North and South Sinai.
Qandil underlined that the Ministry of Foreign Affairs has already communicated foreign diplomatic missions in Cairo to brief them on this move.
The meeting discussed the implications of Sinai Development Law and the obstacles facing the executive bodies in the governorates when ownership law No. 14 of 2012 was activated.
Shawki said any company facing problems in applying law should consult competent agricultural, industrial and tourist bodies, which will attempt to solve these problems in coordination with SDA.
Cabinet Spokesman Ambassador Alaa al-Hadidi said reports that law obliges current foreign owners to sell their land in a period of six months are just rumors promoted by brokers of land and residential units.