Sale of land plot in El Gouna for CHF 28.8 million, corresponding to 15.7 times its current book value

Ad hoc announcement pursuant to Art. 53 LR.

Sale of land plot in El Gouna for CHF 28.8 million, corresponding to 15.7 times its current book value.

Altdorf, 2 July 2024 – Orascom Development Holding (ODH) is pleased to announce that as part of its efforts to execute the group’s strategic direction of accelerating the monetization of its land bank, its largest subsidiary in Egypt, Orascom Development Egypt (ODE), has sold 145,266 sqm of land at El Gouna for a total value of CHF 28.8 million (c. CHF 200/sqm). The land sale, executed at roughly 15.7 times its book value of CHF 1.9 million, marks a significant milestone for ODH as it represents the most extensive land sale in El Gouna since 2015. Notably, this land plot is situated at the backend of El Gouna’s developed area. The sale will positively impact the company’s financial statement during Q2 2024.

Omar El Hamamsy, Group CEO of Orascom Development, said: "This transaction concurs with the Group’s strategy of identifying strategic uses for our land bank while accelerating its monetization and unlocking its hidden value to the market, a crucial element of our short—and medium-term growth plan. I am pleased with this milestone, reiterating that our Group owns many assets with substantial hidden values kept at book value in our financial statements. This strategic sale is a testament to ODH’s commitment to optimizing value creation and unlocking maximum potential for our stakeholders.”

About Orascom Development Holding AG:

Orascom Development Holding (ODH) is a leading developer of fully integrated towns, including hotels, private villas, apartments, leisure facilities such as golf courses, marinas, and supporting infrastructure. Orascom Development Holding’s diversified portfolio is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom). The group currently operates ten destinations: five in Egypt (El Gouna, Taba Heights, Makadi Heights, O-West, and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and West Carclaze Garden Village in the United Kingdom. The shares of ODH are listed on the SIX Swiss Exchange.

For more information, please visit https://www.orascomdh.com/.

Contact for Investors:      

Ahmed Abou El Ella     

Director of Investor Relations    

Tel: +20 224 61 89 61

Mobile: +20 122129 5555      

Email: ir@orascomdh.com

Disclaimer

This press release may contain forward-looking statements based on current assumptions and forecasts of ODH management. Known and unknown risks, uncertainties, and other factors could lead to material differences between any forward-looking statements made here and the actual development, particularly ODH’s results, financial situation, and performance. ODH accepts no responsibility for updating or adapting forward-looking statements to future events or developments.