In May 2014, ERC announced the signing of a Memorandum of Understanding (MoU) with Orascom Hotels and Development (ODH) to acquire from Orascom majority stakes in 3‐4 hotels and a significant bank of undeveloped land located adjacent to Sahl Hasheesh. On 24 August 2014, this MoU expired as both parties did not reach a mutual agreement on the final terms of the deal.