DGAP-News: Orascom Development achieves CHF 10 million of reservations in the Chbika project, the Group's integrated development planned in Morocco
(firmenpresse) - EquityStory AG-News: Orascom Development Holding AG / Key word(s):
Product Launch
Orascom Development achieves CHF 10 million of reservations in the
Chbika project, the Group's integrated development planned in Morocco
29.09.2011 / 17:45
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Press Release
Orascom Development achieves CHF 10 million of reservations in the Chbika
project, the Group's integrated development planned in Morocco
Altdorf/Cairo, 29 September 2011 - Orascom Development Holding AG (Orascom
Development) officially launched Chbika, its integrated development project
on the Atlantic Ocean in the south of Morocco. Following this launch and
the opening of the showroom in Casablanca, to date, the total value of real
estate reservations amounted to CHF 10 million for a total of 53 units. The
market trends show a recovery of the Moroccan real estate market as
illustrated by the fact that 26% of our units have been reserved in the
last two months.
On 23 September 2011, Orascom Development and La Caisse de Dépôt et de
Gestion (CDG) signed a Letter Of Intent (LOI) with Club Méditerranée to
establish a resort offering 350 rooms positioned as a 4 Trident family
product. Orascom Development will retain 65% stake in the joint venture
with CDG holding the balance.
Chbika is planned to offer in the next three years 3 hotels with a capacity
of 1,000 rooms, 515 real estate units, a marina, a golf course, town
centers along all related amenities and services. The project is
located approximately 400 km from Agadir and 250 km from the Canary
Islands, with an international airport just 38 km from the destination.
About the Group
Orascom Development Holding AG (Orascom Development) is a leading developer
of fully integrated towns that include hotels, private villas and
apartments, leisure facilities such as golf courses, marinas and supporting
infrastructure. Orascom Development's diversified portfolio of projects is
spread over nine jurisdictions, with primary focus on touristic towns and
recently affordable housing.
Orascom Touristic Establishments (OTE) was established in 1989 setting the
first step in building the Group's track record in the development of
integrated towns. After some name changes and reorganization, the main
business was held under Orascom Hotels&Development (OHD). Since the
settlement of the public exchange offer by Orascom Development for OHD,
Orascom Development became the new parent of OHD. Orascom Development has a
dual listing, with a primary listing on the main board of the SIX Swiss
Exchange (ISIN: CH0038285679) and a secondary listing on the EGX Egyptian
Exchange (ISIN: EGG676K1D011). In December 2009, the Group modified its
secondary listing on the EGX. While the Group's shares had previously been
trading on both the SIX and the EGX in Swiss Francs, Orascom Development at
that time procured the issuance and listing of Egyptian Depositary Receipts
(EDRs; each EDR representing 1/20 of the Group's share) which are currently
trading on the EGX in Egyptian pounds. The objective of this modification
is to improve trading and liquidity on the EGX.
Today, Orascom Development operates in nine jurisdictions (Egypt, Jordan,
UAE, Oman, Switzerland, Morocco, United Kingdom, Montenegro and Romania)
andis continuously seeking development opportunities in untapped yet
attractive locations all over the world. The Group has four existing
projects: El Gouna, the flagship project, a fully-fledged town on the Red
Sea coast (Egypt). Taba Heights, on the Sinai Peninsula (Egypt), is the
Group's second tourism destination following El Gouna's business model. The
Cove (Ras Al Khaimah, UAE) is the Group's first development experience
outside Egypt. Haram City, an integrated town dedicated to affordable
housing in Egypt, catering for the mass population.
For further information, please contact:
Orascom Development Holding AG
Mamdouh Abdel Wahab
Director Investor Relations
Tel: +41 79 846 55 60
+20 12 315 32 00
Email: ir(at)orascomdh.com
Orascom Development Holding AG
Swiss Media Office
Philippe Blangey
Tel: +41 41 874 17 11
Email: media(at)orascomdh.com
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 AG'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 AG's results of operations and on whether Orascom Development
Holding AG will achieve its targets. Orascom Development Holding AG
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 Corporate News
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Language: English
Company: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Switzerland
Phone: +41 41 874 17 11
Fax: +41 41 874 17 12
E-mail: ir(at)orascomdh.com
Internet: www.orascomdh.com
ISIN: CH0038285679
Swiss Security Number: A0NJ37
Listed: Regulierter Markt in SIX
End of News EquityStory AG News-Service
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140799 29.09.2011
Themen in dieser Pressemitteilung:
orascom-development-achieves-chf-10-million-of-reservations-in-the-chbika-project
the-group-s-integrated-development-planned-in-morocco
Unternehmensinformation / Kurzprofil:
Datum: 29.09.2011 - 17:45 Uhr
Sprache: Deutsch
News-ID 69909
Anzahl Zeichen: 8770
contact information:
Kategorie:
Business News
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