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Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Ad hoc announcement pursuant to Art. 53 LR.
Egyptian Grievance Committee accepts Makadi Heights' petition and cancels the land bank reduction decision issued by the Egyptian Tourism Development Authority
Altdorf, 16 June 2022 – On 26 January 2022, Orascom Development Holding (ODH) announced that its subsidiary Makadi Heights for Tourism Development Company (Makadi Heights) had been notified by the Egyptian Tourism Development Authority (TDA) of a decision to reduce the land plot previously allocated to Makadi Heights by 1.75 million square meters. ODH also announced that it would file a formal petition against the TDA's decision.
ODH today announces that the Egyptian Grievance Committee at the Egyptian General Authority for Investment and Free Zones (GAFI) has accepted the petition submitted by Makadi Heights and cancelled the decision issued in January 2022, reversing the TDA's land reduction. Accordingly, the total land bank available for development at the Makadi Heights destination stands at 3.75 million square meters.
About Orascom Development Holding (ODH):
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. ODH's diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, 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. The shares of ODH are listed on SIX Swiss Exchange. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the Sixth of October City.
Contact for Investors:
Sara El Gawahergy
Head of Investor Relations & Strategic Projects Management
Tel: +41 418 74 17 11
Mob: +41 79 156 78 49
Contact for Media Relations:
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Orascom Development Holding AG
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