Orascom Development Holding AG: announces the sale of a land plot in its flagship destination, El Gouna, for CHF 33 million.

Ad hoc announcement pursuant to Art. 53 LR.

Orascom Development Holding (ODH) announces the sale of a land plot in its flagship destination, El Gouna, for CHF 33 million.

Altdorf, 12 November 2024—Orascom Development Holding (ODH) is pleased to announce that its largest subsidiary in Egypt, Orascom Development Egypt (ODE), has sold 110,000 sqm of land at El Gouna to an Egyptian developer “Hassan Allam Properties” for a total value of approximately CHF 33 million, to be paid over five-year installments. 

Omar El Hamamsy, Group CEO of Orascom Development, said: "This transaction will positively strengthen the company’s financial statements moving forward. The land sales we are executing with other sub-developers are aligned with our strategic objective of providing our destination clients with a diverse range of products. We are committed to actively seeking additional opportunities of this nature in the future to create more value for our shareholders, clients, and partners."

About Orascom Development Holding AG:

Orascom Development Holding (ODH) is a leading developer of fully integrated towns, including hotels, private villas, apartments, leisure facilities such as golf courses, marinas, and supporting infrastructure. Orascom Development Holding’s diversified portfolio is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom). The group currently operates ten destinations: five in Egypt (El Gouna, Taba Heights, Makadi Heights, O-West, and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and West Carclaze Garden Village in the United Kingdom. The shares of ODH are listed on the SIX Swiss Exchange.

For more information, please visit https://www.orascomdh.com/.

Contact for Investors:      

Ahmed Abou El Ella     

Director of Investor Relations    

Tel: +20 224 61 89 61

Mobile: +20 122129 5555      

Email: ir@orascomdh.com

Disclaimer

This press release may contain forward-looking statements based on current assumptions and forecasts of ODH management. Known and unknown risks, uncertainties, and other factors could lead to material differences between any forward-looking statements made here and the actual development, particularly ODH’s results, financial situation, and performance. ODH accepts no responsibility for updating or adapting forward-looking statements to future events or developments.