Orascom Development Egypt (ODE) has signed an agreement with the Egyptian government for the development of large land in the city of El Gouna.
1,000 additional hotel rooms
The signed agreement includes the approval of a new master plan for an undeveloped land in El Gouna, with an area of 17.4 million m², which includes approximately 1.2 million m² of connected lakes and 1,000 hotel rooms, for a period of 10 years.
The agreement also grants the company the right to connect its lake network to the sea through two new water channels to naturally improve water quality in its current and future projects, which has a positive impact on the construction cost in the future.
The agreement between ODE and the government calls for changing the range of the unbuilt plot from 200 meters to 105 meters, which allows the company to increase the structural component of the land overlooking the sea.
Permits for 24 projects
It grants environmental permits for 24 projects in El Gouna, settling all existing disputes with the Egyptian Environmental Affairs Agency (EEAA) and releasing the company from any claims.
Orascom delivers strong earnings
It should be noted that the ODE recorded a net profit of 858.3 million EGP pounds from the beginning of January to the end of June last, against 744.6 million EGP of profit recorded during the same period a year earlier.
The company’s total turnover reached EGP 3.8 billion at the end of June 2022, compared to EGP 3 billion the previous year.
About Orascom Development Holding (ODH):
ODH is a leading developer of fully integrated destinations comprising hotels, private villas, apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH’s diverse destination portfolio is spread across 6 countries (Egypt, UAE, Oman, Switzerland, Montenegro and UK), with a focus on tourist destinations. ODH currently operates 10 destinations: five in Egypt (El Gouna, O West, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. ODH shares are listed on the SIX Swiss Exchange. Since joining Orascom, the family business, in 1979, Naguib Sawiris has continuously contributed to the growth and diversification of the company into what it is today – one of the largest and most diversified conglomerates in Egypt.
