Orascom Development Holding AG: Omani Subsidiary; Muriya has signed a Development Agreement with Oman's Ministry of Tourism to Develop City Walk in the heart of Muscat
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding's Omani Subsidiary; Muriya has signed a Development Agreement with Oman's Ministry of Tourism to Develop City Walk in the heart of Muscat.
Altdorf, 21 November 2016 - Samih Sawiris, Chairman of ODH has signed yesterday an agreement with HE Ahmed bin Nasser Al Mahrizi, Oman's Minister of Tourism, to develop City Walk, a vibrant beachfront commercial city complex located in North Al Hail, Muscat. The development agreement is based on a usufruct concession for 50 years with fees payable starting from year 6.
The development comes as part of the continued collaboration between the Ministry and ODH to bring long-term value to Oman's tourism, retail and real estate sectors and add to ODH's growing portfolio in Oman.
City Walk is a 47,499 square meter project that will comprise a 355-meter water front, a retail area with shops and restaurants, as well as an upscale 123 rooms 5-star hotel. Additionally, the project will feature a commercial area with offices and a dedicated cinema complex.
About Orascom Development Holding
Orascom Development 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 eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with a primary focus on touristic destinations. The Group currently operates seven destinations; three in Egypt El Gouna, Taba Heights and Makadi, The Cove in United Arab Emirates, Jebel Sifah and Salalah Beach in Oman and Andermatt in Switzerland. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange.
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End of ad hoc announcement
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