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
Contact for Media Relations:
Dynamics Group AG
Tel: +41 432 68 32 35
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'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.