Orascom Development's debt portfolio worth $500 million - exec to CNBC Arabia

DUBAI (Reuters) - Egypt's Orascom Development has a debt portfolio worth $500 million and the company aims to decrease it, its executive director Omar El Hamamsy told CNBC Arabia on Tuesday.

The company currently has $100 million in net debt, he added.

El Hamamsy said later in an interview with Asharq TV that the company's sales increased 50% year-on-year in first nine months of 2021 to $500 million.

The company announced last month in its preliminary unaudited performance indicators that its real estate sales for the first nine months of 2021 reached 6.2 billion Egyptian pounds ($396.17 million,) an increase of 43.4% compared with a year earlier.

($1 = 15.6500 Egyptian pounds)

(Reporting by Moataz Abdelrahiem, Writing by Nadine Awadalla; editing by Louise Heavens)