Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG signs a nine years' lease agreement with a German based Company for the first office building in El Gouna, Egypt
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s):
Miscellaneous/Miscellaneous
Orascom Development Holding AG signs a nine years' lease agreement with a German
based Company for the first office building in El Gouna, Egypt
25-Jun-2018 / 18:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
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Press Release
Orascom Development Holding (ODH) signs a nine years' lease agreement with a
German based Company for the first office building in El Gouna, Egypt.
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.
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
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.
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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 Announcement EQS Group News Service
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698463 25-Jun-2018 CET/CEST