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Orascom Development Holding AG: Orascom Development Egypt has received a preliminary non-binding offer for Orascom for Real Estate, the owner of the O West project

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

25-Oct-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

Orascom Development Egypt has received a preliminary non-binding offer for Orascom for Real Estate, the owner of the O West project.

Altdorf, 25 October 2022– Orascom Development Egypt (ODE), Orascom Development Holding AG's largest Egyptian subsidiary, has received a preliminary non-binding offer (NBO) from Sixth of October Development & Investment Company (SODIC) for the potential acquisition of the entire share capital of its subsidiary Orascom for Real Estate S.A.E. (ORE), the owner of O West. O West is a 4.2 million square meter real estate development located in West Cairo. ODE currently owns 70% of ORE.

The NBO includes an indicative and preliminary equity value of EGP 2.46 billion (approx. CHF 125 million) for 100% of ORE. The offer is subject to the fulfilment of several conditions, including but not limited to completion of due diligence, ODE’s corporate approvals, and all relevant regulatory approvals. ODE Board has granted SODIC exclusivity to commence the due diligence process and authorized management to initiate negotiations for the transaction.

SODIC is 85.5% owned by Aldar, the leading real estate developer and manager in the UAE, and ADQ, an Abu Dhabi-based investment and holding company with a broad portfolio of major enterprises.


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:
Ashraf Nessim         
Chief Financial Officer   
Tel: +20 224 61 89 61
Mob: +20 1222 131 612      

Ahmed Abou El Ella         
Director of Investor Relations   
Tel: +20 224 61 89 61
Mob: +20 122 129 55 55      

Contact for Media:
Philippe Blangey         
Dynamics Group AG   
Tel: +41 432 68 32 35   




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 Inside Information




Orascom Development Holding AG

Gotthardstraße 12

6460 Altdorf



+41 41 874 17 17


+41 41 874 17 07








SIX Swiss Exchange

EQS News ID:



End of Announcement

EQS News Service

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