GoM to slap a fee of US$ 1k for requests to increase acquisition fee period


Photo/Cheval Blanc

Tourism Ministry is to levy a fee of US$ 1,000 for parties who requests for an increase to the acquisition fee period for resorts.

An announcement released by the Ministry said that regulations on submission of proposal were amended. Under the amendments, the Ministry has the authority to increase the time given if in the event the developer is not able to pay the full acquisition fee. The maximum period applicable in this case each time is 45 days.

Under the amendments to the Tourism Act, islands and areas can be leased off to develop, without bidding, if the prospective partner can pay the full acquisition fee and proves that they have the financial strength to run the operation.