A government agency seized 20 million square meters of land on Thursday from a development company whose shareholders include Ibrahim Kamel, a businessman close to former President Hosni Mubarak.
The Egyptian Resorts Company (ERC) said it received a notice from the Egyptian Tourist Authority, a Ministry of Tourism agency, revoking its ownership of the lot.
The land had been allocated for one of the company's projects at the Sahl Hashish region in Hurgada on the Red Sea, ERC said in a statement Thursday.
Years ago, ERC obtained 33 million square meters at Sahl Hashish for $1 per meter, parcels of which it resold at prices ranging between $60 and $300 per meter.
Egypt's attorney general ordered Kamel be taken into custody pending investigations into his involvement in assaults on protesters during the 25 January Revolution.
ERC’s stock market shares dropped by 10 percent to LE1.05 during Thursday's session.