Egyptian Resorts Company (ERC) has announced its commitment to replace a 20,000-sqm land plot originally sold to Pyramisa for Hotels at phase III of the land with another plot in phase I, on which Pyramisa established an EGP100mn labour housing complex. ERC has also promised to compensate Pyramisa for the delays in enabling infrastructure to the land plots acquired by Pyramisa in phases I and II on which the company had established three hotels and a residential compound with costs exceeding EGP800mn. The agreement between the parties is still in its preliminary stage. (Al Mal)