Press Release

Orascom Development Holding signs a three years' rental agreement for EUR 3.3 million per annum with FTI Group for 3 hotels in Makadi through its Egyptian subsidiaries.

Cairo, 17 October 2016 - Orascom Development Holding is pleased to announce the signing of a 3 years' rental agreement through its Egyptian subsidiaries with FTI Group, for three of its hotels in Makadi.

FTI is the fourth largest tour operator in Germany with over 5.3 million Passengers (PAX) and consolidated revenues of EUR 2.6 BN in FY14/15. The company employs over 6,000 staff worldwide and offers a wide range of services associated with holiday and travel.

Royal Azur (491 rooms), Club Azur (339 rooms), and Makadi Gardens (281 rooms), will be rented for a total amount of EUR 3.3 million per annum and subject to an annual increase of 5%. It is worth noting that two of those hotels were shut down since December 2015 as a result of the travel bans imposed by the Russian authority.

The agreement's start date is set on the 1^st of November 2016. Rental payments are scheduled quarterly in equal instalments.

About Orascom Development Holding

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 a primary focus on touristic destinations. The Group currently operates seven destinations; three in Egypt El Gouna, Taba Heights 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                 
Head of Investor Relations
Tel: +202 246 18961
Tel: +41 418 74 17 11
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch
 

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