Under the agreement, “Mangroovy for Hotels” will buy 40,654.5 m2 of land in El Gouna, as an extension for its project.
This agreement comes within the company’s land monetization strategy which secures a total of c. LE 535 million of cash inflows from these agreements to date.
The businessman expected that the Egyptian tourism to return to its strength again during the months of October and November 2020.
The purpose of these measures is to reduce spending and preserve cash to the longest period possible to ensure stability of the Group’s destinations
As per standalone profits, the company recorded profits of LE 634 million during 2019, compared to LE 153.7 million in 2018.
The standalone results turned into profitability by LE 403.7 million during the first nine months of 2019, compared to a loss of LE 119.27 million in 2018.
“The sale of Oberoi Zahra will result in cash proceeds of $2 million and proceeds from the sale will be geared towards the expansion plans of the group.”
According to ODE’s statement, the share transfer has been executed after obtaining all necessary approvals and ODE will now start receiving the LE 313 million cash proceeds.
Manal Hussein, Chairman and CEO Orascom Development, receiuved the bt100 crystal award on behalf of Orascom Development for their leadership in stock market performance.
Orascom clarified in a filing to the Egyptian Exchange (EGX) that NUCA's shareof the total residential sales is 26 percent for the first eight years.