Press Release
Orascom Development Holding AG continues to deliver on its land bank monetization strategy, securing CHF 19.5 million from its 3 School Development Agreements in O West, Egypt.
Altdorf, 8 March 2020 - Orascom Development Holding is pleased to announce that its largest Egyptian subsidiary, Orascom Development Egypt (ODE) signed a second agreement for School Development to establish two more Schools in O West, ODH's first home project located in 6th of October City.
The agreement was signed with Cairo for Investment & Real Estate Development (CIRA) to develop two new schools with a total investment cost of up to CHF 27.7 million. "Eduhive" a subsidiary of CIRA will take over the oversight of the schools which are expected to open their doors in 2021/2022. CIRA is the largest integrated provider of educational services in the Egyptian private sector. CIRA owns and operates 22 schools offering multiple education tracks, including British, American, French, German, Canadian and National curricula and serves more than 27,000 students.
Abdelhamid Abouyoussef, ODH's Executive Committee member commented: "In addition to the importance of cooperating with such reputable international operators in our efforts to add value to the O West community, the two education zone transactions that we managed to successfully conclude over the past few weeks resulted in securing a total of c. CHF 19.5 million of cash inflows, which falls within our Group's strategic notion of accelerating the monetization of our land bank in 2020 and onwards."
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) 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 seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates nine destinations; four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of ODH are listed on the SIX Swiss Exchange. ODH also launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the 6th of October City.
Contact for Investors:
Sara El Gawahergy
Head of Investor Relations & Strategic Projects Management
Tel: +202 246 18961
Tel: +41 418 74 17 11
Mob: +41 79 156 78 49
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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