Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG: Omani Subsidiary; Muriya has signed a Development Agreement with Oman's Ministry of Tourism to Develop City Walk in the heart of Muscat
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG: Omani Subsidiary; Muriya has signed a
Development Agreement with Oman's Ministry of Tourism to Develop City Walk in
the heart of Muscat
21.11.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
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Press Release
Orascom Development Holding's Omani Subsidiary; Muriya has signed a Development
Agreement with Oman's Ministry of Tourism to Develop City Walk in the heart of
Muscat.
Altdorf, 21 November 2016 - Samih Sawiris, Chairman of ODH has signed yesterday
an agreement with HE Ahmed bin Nasser Al Mahrizi, Oman's Minister of Tourism, to
develop City Walk, a vibrant beachfront commercial city complex located in North
Al Hail, Muscat. The development agreement is based on a usufruct concession for
50 years with fees payable starting from year 6.
The development comes as part of the continued collaboration between the
Ministry and ODH to bring long-term value to Oman's tourism, retail and real
estate sectors and add to ODH's growing portfolio in Oman.
City Walk is a 47,499 square meter project that will comprise a 355-meter water
front, a retail area with shops and restaurants, as well as an upscale 123 rooms
5-star hotel. Additionally, the project will feature a commercial area with
offices and a dedicated cinema complex.
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 seven
destinations; three in Egypt El Gouna, Taba Heights and Makadi, The Cove in
United Arab Emirates, Jebel Sifah and Salalah Beach in Oman 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
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email:prb@dynamicsgroup.ch
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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 Hotels and Development'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 Hotels and Development's results of operations
and on whether Orascom Hotels and Development will achieve its targets. Orascom
Hotels and Development 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.
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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
End of News EQS Group News Service
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522643 21.11.2016