Orascom Development Holding AG Announces Significant Land Sale in El Gouna

Orascom Development Holding AG's subsidiary, Orascom Development Egypt, has completed the sale of a 145,266 square meter plot in El Gouna for CHF 28.8 million. This figure represents approximately 15.7 times the plot's book value of CHF 1.9 million.

The sale is part of the group's strategic plan to enhance the monetization of its land bank. It is the most significant land transaction in El Gouna since 2015 and is expected to positively impact the company's financial statements for the second quarter of 2024.

Group CEO Omar El Hamamsy noted that the transaction aligns with the company’s strategic goals and demonstrates ODH’s commitment to unlocking hidden value for stakeholders.