The board of directors of Orascom Hotels and Development has appointed Dr. Manal Hussein Abdel Razek as the new executive chairman of the board of OHD. As a result of this appointment, Eng. Aly El Hitamy will step down as chairman and chief executive officer of OHD and move to become the chairman and chief executive officer of Red Sea For Construction Company in Egypt t. Eng. El Hitamy will maintain his position as Head of
International Construction in Orascom Development. The board as well as the executive management of OHD likes to thank him for his efforts, and wish him every success in his new role. The announced changes will be effective as of October 1, 2014. Dr. Abdel Razek has been the advisor to the chairman of Orascom Development since September 2013 on several projects. For more than 20 years she has served in the Egyptian governmental sector, amongst others as Deputy Minister of Finance and Head of the Budgeting Committee from 2004 to 2013, and as Deputy Minister of Trade from 2003 to 2004 and advisor to the Minister of Economy from 1997 to 2001. Furthermore, she has been appointed by presidential decree as member of the Shura Consultative Council (upper house of the Egyptian parliament) from 2004 to 2011 whereby she has been instrumental in most of the economic reforms by being a member in the Economic and Financial affairs committee in the council. She has also been appointed chairman of e-finance, the Egyptian market leader in the field of electronic payment solutions, and has served on the board of companies with interests in banking, aviation, tourism, transport and telecommunication.