Orascom Development signs it's third School Development Agreement in O West, continuing to deliver on its land monetization strategy and securing a total of c. CHF 32.2 million of cash inflows from these agreements to date.
Altdorf, 3 June 2020 - Orascom Development Holding (ODH) continues to deliver on its accelerated land bank monetization plan and signs its third School Development Agreement with Nermine Ismail School (NIS) to develop two K-12 international school in O West, Egypt.
Under the agreement, NIS will develop two new schools and "Advanced Education for the Establishment Management & Ownership of Educational Facilities" will take over the management and oversight of the schools, which are expected to open their doors by September 2022, a year before the delivery of the first real estate units in O West. The two schools will accommodate up to 1,500 students each, with high quality education.
NIS was established in 1999. It owns and operates nine schools around Egypt offering multiple education tracks, including British, American, and French curriculums, and serves more than 9,000 students supported by more than 2,300 staff members.
The educational zone transactions that we managed to successfully conclude in O West resulted in securing a total of c. CHF 32.2 million of cash inflows to ODH. The rapid execution of land monetization will help the Group to unlock its hidden land bank value to the market and will provide additional cash for speeding up the development of its destinations.
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.
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