Orascom Development Holding AG — Board/Management Information 2012

May 29, 2012

News Details

Ad-hoc | 29 May 2012 18:58

Orascom Development appoints Ahmed El-Shamy as new CFO, and Mahmoud Zuaiter, current CFO, as CEO of International Hotel Holding

Orascom Development Holding AG / Key word(s): Change of Personnel

29.05.2012 18:58

Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Orascom Development appoints Ahmed El-Shamy as new CFO, and Mahmoud
Zuaiter, current CFO, as CEO of International Hotel Holding

Altdorf/Cairo, 29 May 2012 - The Board of Directors of Orascom Development
Holding (Orascom Development) appointed Ahmed El-Shamy (41) as new Chief
Financial Officer (CFO) and member of the Executive Management of the
Group. Ahmed El-Shamy will start his new position on 1st July 2012. He will
be based at Orascom Development's headquarter in Altdorf/Switzerland.

During the last six years Ahmed El-Shamy served as Managing Director and
CFO of Citadel Capital, a leading private equity firm in Africa and in the
Middle East. In this role El-Shamy was an active member of both the Board
of Directors and the Executive Committee. Throughout his tenure, El-Shamy
built the finance function which, in turn, set the foundation to pioneer
and capture functional operational excellence in many of Citadel Capital's
platforms. Prior to that, he served as Founder and Chief Financial Officer
of Fayrouz International, a company today fully owned by the Dutch beverage
company Heineken. Previously, El-Shamy held a similar role at Al Ahram
Beverages Group where he orchestrated a recently privatized public sector
group of 14 different companies to international standards & operational
best practices. Ahmed El-Shamy started his career with Procter & Gamble
where he scaled to the role of Regional Finance Manager for their European
Fabric Care Operations based in Brussels.

Mahmoud Zuaiter, the current CFO of Orascom Development, will be assigned a
new role within the Group. He was promoted to CEO of International Hotel
Holding (formerly Orascom Hotel Holding). In this new role, Mahmoud Zuaiter
will lead this important subsidiary which encompasses the hotels of the
Group. Mahmoud Zuaiter will remain member of the Executive Management based
in Switzerland. Zuaiter has vast experience in the hotel business. His
career spans 14 years of experience with the InterContinental Hotels Group,
culminating in the position of Director of Finance for the Middle East and
Africa. He played a key role in the listing of ODH in Switzerland in 2008.

'I am very happy to welcome Ahmed El-Shamy as the new CFO at Orascom
Development. His impressive track record in all areas of the management of
an international company will definitively contribute to further increase
the performance of our Group,' said Gerhard Niesslein, CEO of Orascom
Development. 'In this new role, Mahmoud Zuaiter, who did a great job as CFO
during the last 8 years, will add a lot of additional value to the
management of our hotels given his experience and know how', Niesslein
added.

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Information and Explaination of the Issuer to this News:

About the Group

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 in
May 2008, Orascom Development Holding AG (Orascom Development) became the
new parent of OHD. Orascom Development has a dual listing, with a primary
listing on the SIX Swiss Exchange and a secondary listing on the EGX
Egyptian Exchange. Orascom Development 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 nine jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland,
Morocco, Montenegro, United Kingdom and Romania), with primary focus on
touristic destinations and budget housing. The Group currently operates
five destinations; three in Egypt El Gouna, Taba Heights and Haram City,
The Cove in United Arab Emirates and Jebel Sifah in Oman.

Investor Relations Contacts
Till Leisner
Head of Group Controlling & Investor Relations
Tel: +41 41 874 88 07
Email: ir@orascomdh.com

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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@orascomdh.com
Internet: www.orascomdh.com
ISIN: CH0038285679
Swiss Security Number: A0NJ37
Listed: SIX

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