O West, Egypt - A good start for the first home market during Q1 2021 
We sold 160 units during Q1 2021, an increase of 8.1% compared to the 148 units in Q1 2020. Net real estate sales 
reached CHF 45.4 million, compared to CHF 60.3 million in Q1 2020. It is worth mentioning that Q1 2020 sales figures 
included CHF 18.5 million of commercial sales resulted from the sale of the School Development Agreements in O West. 
So, excluding the commercial sales our real estate net sales would have increased by 8.6% to CHF 45.4 million in Q1 
2021 vs. CHF 41.8 million in Q1 2020. Our newest launch was in February 2021, "Qemet", a real estate project with a 
total inventory of CHF 438.0 million. The launched phase included only CHF 99.3 million. We are also planning to add 
more inventory in "Qemet" during Q2 2020 capitalizing on the huge product demand. 
Speed up our construction pace 
We continued to speed up our construction pace in the destination with 406 villa skeleton keys already being visible 
and planning to start construction for the 185 sold apartments mid-May 2021. Construction of the three schools has also 
started in Q1 2021. The Schools are expected to be operational with the start of the academic year of September 2022. 
We are finalizing the development of O West Club masterplan, which will be a main add-on to the destination. In Q1 
2021, a total of 160 new memberships were added to O West Club (membership fee is CHF 10,3K), bringing the total number 
of memberships in the club to 1,642 memberships, securing a steady recurring income flow. We hosted several events 
on-site allowing our homeowners and prospective clients a chance to witness the live construction progress. Events 
included O West Rally, Tough Mudder and a collaboration with Art D'Egypte where artists and designers worked on 
installations and designs that are to be integrated within O West for our future homeowners. Total revenues of O West 
increased by 433.3% to CHF 20.8 million (Q1 2020: CHF 3.9 million). 
Jebel Sifah, Oman - Muscat's Gateway Destination on the rise 
Jebal Sifah is now acting as a gateway for the residents of Muscat and continued to show a significant improvement in 
real estate sales and hotel usage. Net real estate sales increased by 279.5% to CHF 14.8 million in Q1 2021 (Q1 2020: 
CHF 3.9 million). In Jebel Sifah, "The Beachfront" real estate project which features a unique selection of 117 
seafront villas, townhouses, and apartments, is trending ahead of schedule in terms of construction progress. Whereby 
we are starting the construction of two buildings in Jebel Sifah Heights and the new beach restaurant, in May of this 
year. Total real estate revenues increased by 5.9x to CHF 7.1 million in Q1 2021 (Q1 2020: CHF 1.2 million). 
Short term rentals and Sifawy Boutique Hotel's occupancy were higher than last year with reliance on local tourism from 
Muscat residents, operating at 100% capacity during some weekends and national holidays. Hotel occupancy was at 54% in 
Q1 2021 in comparison to 41% in Q1 2020. Total hotel revenues remained stable at CHF 0.6 million in Q1 2021. March 
witnessed a remarkable increase in apartment rental room nights, primarily due to school vacations. F&B outlets, Al 
Sabla The Beach Bar, The Bank Beach Club, Crafty Kitchen and The View also benefitted from the increased weekend 
footfall. Town management revenues reached CHF 0.5 million in Q1 2021. Total revenues for Jebal Sifah destination 
increased by 256.5% to CHF 8.2 million in Q1 2021 (Q1 2020: CHF 2.3 million). 
Makadi Heights, Egypt - Robust growth across all aspects 
Makadi Heights started the year with robust growth in real estate net sales reaching CHF 18.4 million in Q1 2021 (Q1 
2020: CHF 5.6 million), up 3.3x y-o-y. 106 units were sold in Q1 2021 versus only 37 units in Q1 2020. We were able to 
increase our average selling prices per sqm by 61.9% in Q1 2021 to CHF 1,659. The increase in sales was driven by our 
strategy to capture the demand with a tailored product mix suited for today's market dynamics. The recent launch of 
Makadi Heights' newest cluster "Cape ", with a total inventory of c. CHF 23.4 million witnessed very compelling demand. 
We also added c. CHF 4.1 million of inventory in "Topio". We are planning to expand the Cape cluster by adding CHF 30 
million in inventory in Q2 2021, capitalizing on the huge success of the project. We are continuing to speed up the 
construction of Phase 2 of the project with plans to deliver 244 units in 2022. 
Real estate revenues increased by 15.8x to CHF 6.3 million (Q1 2020: CHF 0.4 million). With a full team present in the 
destination, a lot of effort was put into reviving its livelihood to ramp-up occupancy rates and accommodate real 
estate prices, such as launching mega events, closing deals with anchor tenants, kick starting resale and rental 
services, and revamping public landscaping and services. We also started monthly sports program to homeowners in an 
effort to keep them engaged and increase the destination's livelihood. In March 2021, we successfully hosted "Makadi 
Heights Football Tournament" the first mega event in 2021. Total revenues from Makadi Heights increased by 8.3x to CHF 
6.6 million (Q1 2020: CHF 0.8 million). 
The Cove, UAE - Continues to be the best performing hotel destinations 
The Cove, Ras Al Khaimah, continues to be the best performing destination. The Hotel's occupancy declined by 7ppts to 
stand at 43%, down from 51% in Q4 2020 and 20ppts compared to Q1 2020. On the operational level, the hotel reported a 
total revenue of CHF 3.6 million in Q1 2021 (Q1 2020: CHF 5.1 million), GOPPAR reached CHF 24, down from CHF 36 in Q1 
2020. All measures to optimize operational costs are in place and we continue to capitalize on local and regional 
business through targeted sales promotions and market campaigns. We anticipate that demand for The Cove will return to 
pre-Covid levels once our traditional source markets open up for travel. 
Hawana Salalah, Oman - Hotels remain closed 
Hawana Salalah continue to be profoundly impacted by COVID-19. Though hotels' occupancy remains on the very low levels 
due to locally enforced lockdowns, real estate construction progress was steady during Q1 2021. Lily project is in the 
pre-delivery stage of finishing, with handover expected to commence in June 2021, while the construction of Laguna 
Gardens is progressing as scheduled with on-time delivery of Phase I commencing at the end of Q4 2021. Net real estate 
sales decreased by 57.4% to CHF 2.9 million in Q1 2021 compared to CHF 6.8 million in Q1 2020 and real estate revenues 
reached CHF 5.1 million in Q1 2021. Total hotels revenues were down 97% to CHF 0.4 million in Q1 2021. The Salalah 
Rotana Resort and Juweira Boutique Hotel operations continued to be closed during Q1 2021, while Fanar Hotel & 
Residences operated at 5% occupancy, with the hotel's beaches only accessible to hotel guests, as per the Supreme 
Committee directives. Efforts in Hawana Salalah remain geared towards minimizing costs to the lowest possible levels, 
while attracting local business through awareness campaigns and targeted sales promotions. 
In April, a 6:00 pm curfew was imposed, which we expect to have a negative impact on retail performance in coming 
months. On the costs side, Destination Management team was able to reduce operational costs by freezing new hires and 
controlling expenditure on materials. The Hawana Aqua Park remains closed. Total revenues from Hawana Salalah 
destination decreased by 76.5% to CHF 6.1 million in Q1 2021 (Q1 2020: CHF 26.0 million). 
Lustica Bay, Montenegro - Experienced a positive start to the year 
Additional activities to increase the overall attractiveness of the destination supported hotel occupancies and F&B 
revenues. Occupancy rates reached 9% in Q1 2021 compared to 4% in Q1 2020. Our regional sales efforts, in addition to, 
favourable weather conditions afforded an increase in the hotel's revenues and GOP. 
Net real estate sales started to pick up and increased by 75.9% to CHF 5.1 million (Q1 2020: CHF 2.9 million). In the 
Marina Village area, we are finalizing the construction of 23 units. In the Central area we started the construction of 
48 units. Real estate revenues increased by 7.1% to CHF 3.0 million in Q1 2021. Infrastructure for water supply and 
transport to the golf course is currently being developed, while works on the first holes and the irrigation pipeline 
will start in Q2 2021. New retail outlets are expected to feature in Marina Village for summer 21. Additionally, we 
added two tennis courts, one beach volleyball court, and a basketball/multisport court. We also upgraded the golf area 
with additional facilities. Total revenues for Lustica Bay increased by 16.1% y-o-y to CHF 3.6 million. 
Taba Heights, Egypt - Cash burn rate reduction with several cost savings initiatives in place. 
Taba Heights continues to struggle due to Covid-19 impact and remains the most challenging destination to the group. 
Borders are still closed since March 2020. Accessibility from within Egypt has always been, and continues to be, a 
major challenge. During Q1 2021, only Strand Beach & Golf Resort has been opened with 163 rooms out of the existing 503 
rooms and is filled by local business. We will continue to reduce our cash burn rate and implement several cost savings 
initiatives while making sure to have Taba Heights ready to re-open at full capacity when circumstances improve, and 
tourists return. During Q1 2021, total revenues reached CHF 0.2 million (Q1 2020: CHF 1.7 million). Occupancy rate 
remained low at 4% compared to 28% in Q1 2020. Taba Heights GOP loss narrowed down by 50% to CHF 0.4 million Q1 2021. 
Outlook 2021: Path towards a sustained recovery 
Looking into 2021, visibility remains limited as demand may still be impacted by the ongoing fluid circumstances 
resulting from the pandemic and the timing of the vaccine roll-out. Accordingly, ODH still stands with its earlier 
position and abstains from providing full-year guidance on its 2021 results; however, we remain diligent in providing

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