Orascom Development Holding AG / Strategic Company Decision
30.06.2009
Release of a Adhoc News, transmitted by DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Orascom Development announces the inauguration of phase one of its newest
town, Chbika in Morocco, marking the start of construction works. Phase one
will offer up to 2500 hotel rooms and 1851 real estate units on an area
covering 5 million square meters.
Altdorf/Cairo, 30 June 2009 - Today, Orascom Development Holding AG
(Orascom Development) officially inaugurated the marina town of Chbika in
Morocco in a well attended event. This is a culmination of Orascom
Development's past efforts to ensure swell positioning as well as long term
viability and sustainability for the project, which has been started in
2007 with a development agreement between the Government of Morocco and
Orascom Development. The integrated and self-sufficient tourist destination
will be developed by Oued Chbika Development, a subsidiary of Orascom
Development, and in collaboration with Caisse de Dépôt des Gestion (one of
the largest financial institutions in Morocco with extensive experience in
tourism and real estate). Orascom Development will retain a majority stake
of 65%.
The new Orascom town will be located in the southern part of Morocco, at
Chbika on the Atlantic Ocean in the province of Guelmim (300 km from
Agadir), covering a total area of 15 million m2. The project's philosophy
is based on integration into the existing beautiful countryside between the
Sahara dessert, the dunes and the Atlantic Ocean. By embedding the town
into the cliffs, left and right of the banks of a nearby river, the town
will provide perfect and harmonic shelter for its' inhabitants and
visitors.
The planned resort will offer several hotels, residential units, a golf
course, a town center along all related amenities and services. The Chbika
project will be developed in two stages, with the first phase expected to
be finished in 2015 and the second phase expected to commence thereafter.
The first phase covers a total area of 5 million m2, comprising of:
- 8 hotels offering a total capacity of 2,500 rooms
- 1,851 real estate units (apartments and villas)
- All amenities and supporting infrastructure including a marina with 100
berths capacity, a golf course, congress centre, shops, restaurants,
cinema, arts and crafts, sports centre, spa, staff housing, and medical
installations
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Information and Explaination of the Issuer to this News:
About the Group
Established in 1989, Orascom Hotels and Development S.A.E. ('OHD') today is
a leading integrated town developer in Egypt and the Middle East with
almost 20 years of experience. OHD is a developer of fully integrated towns
that include hotels, private villas and apartments, leisure facilities such
as golf courses and marinas as well the supporting infrastructure. It has
secured or is in the course of securing large land banks in untapped yet
attractive locations with development potential in Egypt, Morocco, Oman,
the United Arab Emirates and Switzerland. The high quality portfolio
combined with a proven business model is expected to result in long-term
growth opportunities. Currently, OHD operates two successful flagship
towns, El Gouna and Taba Heights (both in Egypt), has secured, subject to
certain conditions, or is about to secure, land banks of approximately 127
million square meters and has a workforce of approximately 18,000 staff.
Since the settlement of the exchange and tender offer by Orascom
Development for OHD, Orascom Development is 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.
Orascom Development
Mamdouh Abdel Wahab
Director Investor Relations
Tel: +41 79 846 55 60
+20 12 315 32 00
Email: ir@orascomdh.com
Swiss Media Office
Philippe Blangey
Tel: +41 41 874 17 11
Email: media@orascomdh.com
DGAP 30.06.2009
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Language: English
Issuer: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Schweiz
Phone: +41 41 874 17 11
Fax: +41 41 874 17 12
E-mail: ir@orascomdh.com
Internet: www.orascomdh.com
ISIN: CH0038285679
WKN: A0NJ37
Listed: Foreign Exchange(s) SWX
End of News DGAP News-Service
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DGAP-Adhoc: Press Release Orascom Development Holding AG
| Source: EQS Group AG