26.09.2009 – 11:00

Andermatt/Switzerland: Ground-breaking ceremony for the first integrated holiday resort in the alps

Orascom Development Holding AG (Orascom
Development) today held its ground-breaking ceremony marking the 
start of construction of the Andermatt resort, the first integrated 
holiday resort in the alps. During this first development phase, the 
Chedi hotel, basic infrastructure as well as an 18-hole championship 
golf course will be built. It is expected to be operational by winter
2013/2014. Total investments for the entire project will be in the 
excess of CHF 1 billion and comprise of six hotels with 844 rooms, 
490 apartments, 20-30 villas as well as considerable infrastructure 
and leisure facilities (golf course, sports centre, conference centre
and concert hall, modernized ski installations). Sales of the real 
estate units are due to commence this autumn.

The Andermatt project is designed to the highest ecological 
standards and targets to be operated on a carbon-neutral basis. 
Furthermore, the centre of the resort will be totally car free to 
reduce emissions and pollution. Additional sustainable solutions will
be achieved by environmental friendly construction processes, the 
creation of approx. 1000 new jobs and the long-term commitment of 
Orascom Development to the successful realization of the project.

This milestone was reached in a short period of time and without 
objections. This is evidence for ongoing support from the local 
community as well as close cooperation with NGO's and environmental 
associations as well cautious planning by Orascom Development.

Graphical material can be downloaded at 
www.andermatt-swissalps.com and photos of the ground-breaking 
ceremony will be downloadable as of Saturday evening at 
www.photopress.ch/image/Aktuell/September+09/Spatenstich+in+Andermatt
.

About the Chedi Andermatt:

The construction permit for The Chedi hotel - which has been 
granted in mid-September 2009 - was completed in a record period of 
two months.

The luxurious 5-star hotel will be built on a total area of 28,000
sqm and is expected to cover more than 50,000 sqm built-up area. The 
luxury hotel will offer 50 hotel rooms, 70 condominiums including six
penthouses within the hotel building, 49 residences including seven 
lofts adjacent to the hotel, two restaurants, a lounge, several bars 
& pubs, and last but not least an exclusive wellness area with a 
state-of-the art health center. The Chedi Andermatt architectural and
interior designs were designed by "Denniston International Architects
& Planners, Ltd". The hotel will be operated by "GHM General Hotel 
Management, Ltd.", an international hotel operator that is known 
worldwide for its consistent standards of luxurious quality, 
exclusivity and outstanding personalized services.

About the Group

Orascom Development Holding AG (Orascom Development) is a leading 
developer of fully integrated towns that include hotels, private 
villas and apartments, leisure facilities such as golf courses, 
marinas and supporting infrastructure. Orascom Development's 
diversified portfolio of projects is spread over seven jurisdictions,
with primary focus on touristic towns and recently affordable 
housing.

Orascom Touristic Establishments (OTE) was established in1989 
setting the first step in building the Group's track record in the 
development of integrated towns.  After some name changes and 
reorganization, the main business was held under Orascom Hotels & 
Development (OHD). Since the settlement of the public exchange offer 
by Orascom Development for OHD, Orascom Development became the new 
parent of OHD. Orascom Development has a dual listing, with a primary
listing on the main board of the SIX Swiss Exchange (Switzerland) and
a secondary listing on the EGX (Egypt Stock Exchange). The company's 
shares are fully fungible (with the same ISIN code) and can be traded
on both stock exchanges in Swiss Francs.

Today, Orascom Development operates in seven jurisdictions 
(Switzerland, Egypt, Oman, Morocco, UAE, Mauritius, Jordan) and is 
continuously seeking development opportunities in untapped yet 
attractive locations all over the world.  The Group has four existing
projects: El Gouna, the flagship project, a fully-fledged town on the
Red Sea coast (Egypt). Taba Heights, on the Sinai Peninsula (Egypt), 
is the Group's second tourism destination following El Gouna's 
business model. The Cove (Ras Al Khaimah, UAE) is the Group's first 
development experience outside Egypt. Haram City, an integrated town 
dedicated to affordable housing in Egypt, catering for the mass 
population.

Contact:

Orascom Development Holding AG
Mamdouh Abdel Wahab
Director Investor Relations
Tel.: +41/79/846'55'60
+20/12/315'32'00
E-Mail: ir@orascomdh.com

Swiss Media Office
Franz Egle
Tel.: +41/79/419'79'66
E-Mail: media@orascomdh.com