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Orascom Development Holding AG: Egyptian Grievance Committee accepts Makadi Heights' petition and cancels the land bank reduction decision issued by the Egyptian Tourism Development Authority

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

16-Jun-2022 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

Ad hoc announcement pursuant to Art. 53 LR.

Press Release

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: +202 246 18961

Tel: +41 418 74 17 11

Mob: +41 79 156 78 49

Email: ir@orascomdh.com

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

 

 

 

Disclaimer & Cautionary Statement

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’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’s results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding 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

Language:

English

Company:

Orascom Development Holding AG

Gotthardstraße 12

6460 Altdorf

Switzerland

Phone:

+41 41 874 17 17

Fax:

+41 41 874 17 07

E-mail:

ir@orascomdh.com

Internet:

www.orascomdh.com

ISIN:

CH0038285679

Valor:

A0NJ37

Listed:

SIX Swiss Exchange

EQS News ID:

1376753


 

End of Announcement

EQS News Service

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