Orascom Development Holding AG: largest subsidiary in Egypt, Orascom Development Egypt (ODE)...

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous

28-Feb-2019 / 18:30 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.

Press Release

Orascom Development Holding AG: largest subsidiary in Egypt, Orascom Development Egypt (ODE) announces the official launch of its first home project 'O West'.

Altdorf, 28 February 2019 - Following the huge demand and the great appetite that was witnessed on O West's soft launch in December, the Group held its first brokers day on Wednesday February 27th with very good attendance and announced the official launch of O West. The soft launch phase included 400 units varying from single-family homes, standalone villas, twin and town houses with an average selling price of CHF 1,267 per m2 for core and shell. The official launch includes a wide range of apartments, duplexes, penthouses and lofts consisting of 950 units with a total inventory of CHF 187.5 million.

Khaled Bichara, CEO of Orascom Development commented, 'I am very pleased with the presales momentum of 'O West' which surpassed our expectations, and which also strongly reaffirms the Group's position as the market leader in building fully integrated towns, benefiting from its very strong brand equity, and unique community management experience and premium quality of infrastructure. We remain proud to be the only local developer with solid international experience in building towns that are vibrant and alive in over 7 countries.'

The contracted figures of O West from its soft launch will be announced with ODE's full year 2018 results on the 26th of March.

About Orascom Development Holding (ODH):

Orascom Development Holding (ODH) is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. Orascom Development's diversified portfolio of destinations is spread over seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates nine destinations; four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange.

Contact for Investors:
Sara El Gawahergy
Head of Investor Relations & Strategic Projects Management
Tel: [phone]
Mob: [phone]
Email:[e-mail]

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: [phone]
Email: [e-mail]

Disclaimer & Cautionary Statement
The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Holding's plans and objectives to differ materially from those expressed or implied in the forward-looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Holding's results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted, that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser.

End of ad hoc announcement