Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Altdorf, 25 June 2018 - Orascom Development Holding (ODH) is pleased to announce it has signed a nine years' lease agreement with a German based company; operating in over 40 destinations within 19 countries, to lease the first office building in El Gouna, Egypt with a total amount of USD 6.7 million.
ODH will build the office building for the German company at Al-Bustan area South of El Gouna with a total land area of 7,955 sqm and BUA of 6,330 sqm, to be completed in June 2019. The company will move their business processes outsourced from Bavaria, Germany to El Gouna, Egypt with more than 400 employees of different nationalities.
The execution of the above agreement is another successful step under the Group's strategy of turning El Gouna to an all year-round destination and increasing the number of its residents. The establishment of this first business park will also position El Gouna as a regional business hub and encourage more local and international companies to consider having their headquarters and/or back offices in the destination.
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 ten destinations; five in Egypt (El Gouna, Taba Heights, Fayoum Makadi, and Harram City), 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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|Company:||Orascom Development Holding AG|
|Phone:||+41 41 874 17 17|
|Fax:||+41 41 874 17 07|
|Listed:||SIX Swiss Exchange|
|End of Announcement||EQS Group News Service|