Orascom Development Holding expands Executive Management

Monday, 06 March 2017

Orascom Development Holding expands Executive Management

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous

06-March-2017 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Orascom Development Holding expands Executive Management

Altdorf/Cairo, 6 March 2017 - The Board of Directors of Orascom Development Holding AG (ODH) has resolved on 5 March 2017 to expand the Executive Management of ODH effective 1 April 2017. Ashraf Nessim has been appointed as Chief Financial Officer and an Executive Management member after having already served in this function on an ad interim basis since May 2016.

Nermine Faltas, Group Chief Human Resources & Organization Development Officer, and Tarek Gadallah, Group General Counsel, have also been appointed as members of the Executive Management.

Prior to joining ODH in June 2016, Nermine Faltas served as the VP for Operations and Human Capital in A15 (previously Orascom Telecom Ventures). Tarek Gadallah previously was a partner at Egyptian law firm Ibrachy & Partners, focusing mainly on mergers and acquisitions, before joining ODH in November 2016.

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 ten destinations; five in Egypt El Gouna, Taba Heights, Makadi, Fayoum and Haram City, The Cove in United Arab Emirates, Jebel Sifah and Salalah Beach in Oman, Lustica Bay in Montenegro 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.

Contact for Investors:
Sara El Gawahergy
Head of Investor Relations
Tel: +202 246 18961
Tel: +41 418 74 17 11
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch

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The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding AG 's plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding AG's results of operations and on whether Orascom Development Holding AG will achieve its targets. Orascom Development Holding AG undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted, that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser.

End of ad hoc announcement