Egypt’s Orascom Development Holding has best year since 1989: CEO

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Tue, 2021-11-09 15:29

RIYADH: Egyptian leisure complex builder Orascom Development Holding said sales jumped by 50 percent to $500 million in the first nine months of the year, according to an interview with Asharq.

CEO Omar El Hamamsy said 2021 was the best year the company has had for 32 years.

The business builds and operates hotels, residential units, golf courses and marinas in Egypt, the United Arab Emirates (UAE), Oman, Morocco, Montenegro, Switzerland and the UK.

It operates 33 hotels holding just under 7,200 rooms, including Byoum in Egypt and Andermatt in Switzerland.

El Hamamsy said the firm’s spending in the real estate market in Egypt will rise.

He added: “We have high investment plans, our future plan in spending and growth will be completed at the same pace, and we are optimistic about the pace at which we are moving in terms of projects and sales.”

The company boss said it had developed half of its 100 million square metre portfolio, and is not considering entering new territories as it focuses on developing the land it already owns.

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