Orascom Development Holding AG (ODH) sells a land plot in El Gouna for a total value of CHF 6.4 million, through its largest subsidiary in Egypt, Orascom Development Egypt (ODE)
Altdorf, 5 August 2020 - The Group is continuing to execute successfully on its strategic notion of accelerating the monetization of its land bank and has thus signed a land sale agreement with "Mangroovy for Hotels". Under the agreement, "Mangroovy for Hotels" will buy 40,654.5 m2 of land in El Gouna, as an extension for its project. The land plot will encompass different types of services to serve residences and guests. The total value of the deal is CHF 6.4 million* (EGP 104.8 million). The land plot is located within the vicinity of the Mangroovy Residence project and considered an integral part of the overall development.
Abdelhamid Abouyoussef, ODH's Executive Committee member commented: "This transaction concurs with the Group's strategy of identifying strategic uses for its land bank, while speeding up its monetization and unlocking its hidden value to the market."
*EGP/CHF rate used as of 30 June 2020.
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.
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