Orascom Development Announces Leadership Changes to Propel Growth in Europe

Orascom Development Holding AG has unveiled significant leadership shifts within its European operations, aimed at bolstering growth across the region. Maher Maksoud takes a focused role as CEO of ECOBOS, the UK joint venture with Imerys, concentrating on its development after the successful delivery of first homes at West Carclaze Garden Village last year. Maksoud’s efforts since 2020 at Luštica Bay have been acknowledged for their impact.

Raphael Krucker, concurrently leading Andermatt Swiss Alps since 2020, will expand his role to include CEO of Luštica Bay. Under Krucker’s direction, Andermatt Swiss Alps has been propelled to the forefront as a Prime Alpine Destination. This strategic shift is part of Orascom Development's wider strategy to ensure seamless integration and enhance collaboration across its destinations, reinforcing its commitment to consistency and impactful growth.

Omar El Hamamsy, Group CEO, highlighted the transformation of Orascom Development into a global institution overcoming challenging market conditions to achieve profitability since 2021. The company has made significant strides under El Hamamsy’s leadership, selling 2,000 homes and hosting 2.5 million hotel guests last year. The leadership updates with Maksoud and Krucker are set to propel Orascom Development’s European destinations into their next growth phase.

The duty transition is expected to conclude by the end of Q2 2024, marking a new era for Orascom Development’s endeavors in Europe. Both Krucker and Maksoud express enthusiasm for their roles, aiming to drive quality growth and impactful development in their respective areas.