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Orascom Development Holding AG

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EQS-Ad-hoc News vom 01.07.2019

Orascom Development Holding AG: Germany Removes Travel Ban Restrictions on Taba, Egypt. Directly Benefiting Orascom's Taba Heights Destination

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

01-Jul-2019 / 18:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

Press Release

Germany Removes Travel Ban Restrictions on Taba, Egypt

Directly Benefiting Orascom's Taba Heights Destination

Altdorf, July 1, 2019 - Building on the enhanced structural reforms adapted by the Egyptian Ministry of Tourism and the strong recovery signals of Egypt's tourism, Orascom Development Holding (ODH) is pleased to announce that the German Ministry of Foreign Affairs has removed its travel ban restrictions from Germany to Taba International Airport. This decision will push more flights to Taba Heights, Orascom's second largest hotel destination and the largest touristic destination in the South Sinai region.

According to an official statement given by the German Ministry of Foreign Affairs (, restrictions on all German airlines - imposed in October 2015 - to travel to Taba have been removed. The decision means that all airlines are allowed again to fly directly to Taba International Airport, echoing the now stable security conditions in the region and will hopefully encourage further countries to follow suit.

Taba Heights is a fully self-sufficient resort town, located in Taba, South of Sinai. The town offers six hotels (five 5 stars and one 4 stars) with 2,365 guest rooms and a wide range of international-standard facilities including an international marina port.

CEO Khaled Bichara said: "Very positive news for us as a group that would now position our second largest hotel destination, Taba Heights, on the right track to growth and profitability. Although Taba Heights has almost the same number of rooms as El Gouna, yet El Gouna hotel's revenues were ten times those of Taba's in FY 2018, because of the travel restrictions that were imposed by the European countries and the ongoing bans by Russia. Now with the lifting of the restrictions, the potential upside for the destination can be achievable, noting that in 2010, Taba Heights used to generate approximately USD 20 million of pure EBITDA."

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 Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange.

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:[email protected]

Contact for Media Relations:
Philippe Blangey
Dynamics Group AG
Tel: +41 432 68 32 35
Email: [email protected]

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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'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's results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding 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.

End of ad hoc announcement


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