Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
03.07.2014 07:00

Release of an ad hoc announcement pursuant to Art. 53 KR

---

Press Release

Orascom Development's largest subsidiary in Egypt, Orascom Hotels and Development (OHD), appoints new Executive Chairman
Altdorf/Cairo, 3 July 2014 - The board of directors of Orascom Hotels and Development (OHD), Orascom Development's largest subsidiary in Egypt, has appointed Dr. Manal Hussein Abdel Razek as the new Executive Chairman of the board of OHD. As a result of this appointment, Eng. Aly El Hitamy will step down as Chairman and Chief Executive Officer of OHD and move to become the Chairman and Chief Executive officer of Red Sea for Construction Company, the entity responsible for all construction activities of Orascom Development in Egypt. Eng. El Hitamy will maintain his position as Head of International Construction in Orascom Development. The board as well as the Executive Management of OHD likes to thank him for his efforts, and wish him every success in his new role. The announced changes will be effective as of October 1st 2014.

Born in Egypt, Dr. Abdel Razek, 49, has been the advisor to the chairman of Orascom Development since September 2013 on several projects. For more than 20 years she has served in the Egyptian governmental sector, amongst others as Deputy Minister of Finance and Head of the Budgeting Committee from 2004 to 2013, and as Deputy Minister of Trade from 2003 to 2004 and advisor to the Minister of Economy from 1997 to 2001. Furthermore, she has been appointed by presidential decree as member of the Shura Consultative Council (upper house of the Egyptian parliament) from 2004 to 2011 whereby she has been instrumental in most of the economic reforms by being a member in the Economic and Financial affairs committee in the council.
She has also been appointed chairman of e-finance, the Egyptian market leader in the field of electronic payment solutions, and has served on the board of companies with interests in banking, aviation, tourism, transport and telecommunication.

Dr. Abdel Razek holds a B.Sc. in Mass Communication with honors from Cairo University and an MA in Public Administration from the American University in Cairo where she was awarded the Frank Wisner Award for her outstanding thesis. In 2008, she received a PhD in Public Administration, with highest honors, from the Faculty of Economics and Political Science, Cairo University.

The board of OHD and the Executive Management of Orascom Development are highly confident that Dr. Abdel Razek will add a lot of value to OHD due to her vast management experience and strong regional network.
About Orascom Development Holding AG 

Orascom Development is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations and budget housing. The Group currently operates eight destinations; four in Egypt El Gouna, Taba Heights, Haram City and Makadi, The Cove in United Arab Emirates , Jebel Sifah and Salalah Beach in Oman and Andermatt in Switzerland. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange.

Contact for Investors: 
Sara El Gawahergy         
Director of Investor Relations   
Tel: +20 224 61 89 61
Tel: +41 418 74 17 11      
Email: ir@orascomdh.com
      
Contact Media Relations
media@orascomdh.com 

Disclaimer & Cautionary Statement
The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding AG's plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding AG's results of operations and on whether Orascom Development Holding AG will achieve its targets. Orascom Development Holding AG undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted, that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser.

03.07.2014 News transmitted by EQS Schweiz AG. 
The issuer is responsible for the contents of the release.
EQS publishes regulatory releases, media releases on the capital market and press releases.
The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. 
The Swiss news archive can be found at www.equitystory.ch/news

---

 
Language:               English
Company: Orascom Development Holding AG                         Gotthardstraße 12
                        6460 Altdorf
                        Switzerland
Phone:                  +41 41 874 17 17
Fax:                    +41 41 874 17 07
E-mail:                 ir@orascomdh.com
Internet:               www.orascomdh.com
ISIN:                   CH0038285679
Valor:                  A0NJ37
Listed:                 SIX
 
End of Announcement EQS Group News-Service  

---