Orascom Development Sells El Gouna Land for CHF 33 Million

Orascom Development Holding AG has announced the sale of a land plot in its flagship destination, El Gouna, Egypt, for CHF 33 million. The purchaser, Hassan Allam Properties, an Egyptian developer, will pay the amount in installments over five years. This transaction involves 110,000 sqm of land.

This sale aligns with Orascom Development's strategic goal of diversifying its offerings to clients in El Gouna. CEO Omar El Hamamsy stated that it would strengthen the company's financial results and reiterated the commitment to seek similar opportunities to enhance value for shareholders and partners.

Headquartered in Switzerland, Orascom Development is a significant player in township development, operating in multiple countries worldwide. Its portfolio encompasses residential, leisure, and infrastructure projects.