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Orascom Development Holding AG — Environmental & Social Information 2009
Sep 26, 2009
946_rns_2009-09-26_eb620d8c-729d-4740-a048-9d9dc74148f3.html
Environmental & Social Information
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Corporate | 26 September 2009 11:00
Andermatt/Switzerland: Ground-breaking ceremony for the first integrated holiday resort in the
Orascom Development Holding AG / Miscellaneous
26.09.2009
Dissemination of a Corporate News, transmitted by
DGAP - a company of EquityStory AG.
The issuer / publisher is solely responsible for the content of this announcement.
Press Release
Andermatt/Switzerland:
Ground-breaking ceremony for the first integrated holiday resort in the
alps
Altdorf/Cairo, 26 September 2009 - Orascom Development Holding AG (Orascom
Development) today held its ground-breaking ceremony marking the start of
construction of the Andermatt resort, the first integrated holiday resort
in the alps. During this first development phase, the Chedi hotel, basic
infrastructure as well as an 18-hole championship golf course will be
built. It is expected to be operational by winter 2013/2014. Total
investments for the entire project will be in the excess of CHF 1 billion
and comprise of six hotels with 844 rooms, 490 apartments, 20-30 villas as
well as considerable infrastructure and leisure facilities (golf course,
sports centre, conference centre and concert hall, modernized ski
installations). Sales of the real estate units are due to commence this
autumn.
The Andermatt project is designed to the highest ecological standards and
targets to be operated on a carbon-neutral basis. Furthermore, the centre
of the resort will be totally car free to reduce emissions and pollution.
Additional sustainable solutions will be achieved by environmental friendly
construction processes, the creation of approx. 1000 new jobs and the
long-term commitment of Orascom Development to the successful realization
of the project.
This milestone was reached in a short period of time and without
objections. This is evidence for ongoing support from the local community
as well as close cooperation with NGO's and environmental associations as
well cautious planning by Orascom Development.
Graphical material can be downloaded at www.andermatt-swissalps.com and
photos of the ground-breaking ceremony will be downloadable as of Saturday
evening at
http://www.photopress.ch/image/Aktuell/September+09/Spatenstich+in+Anderma
tt.
About the Chedi Andermatt:
The construction permit for The Chedi hotel - which has been granted in
mid-September 2009 - was completed in a record period of two months.
The luxurious 5-star hotel will be built on a total area of 28,000 sqm and
is expected to cover more than 50,000 sqm built-up area. The luxury hotel
will offer 50 hotel rooms, 70 condominiums including six penthouses within
the hotel building, 49 residences including seven lofts adjacent to the
hotel, two restaurants, a lounge, several bars & pubs, and last but not
least an exclusive wellness area with a state-of-the art health center. The
Chedi Andermatt architectural and interior designs were designed by
'Denniston International Architects & Planners, Ltd'. The hotel will be
operated by 'GHM General Hotel Management, Ltd.', an international hotel
operator that is known worldwide for its consistent standards of luxurious
quality, exclusivity and outstanding personalized services.
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 seven jurisdictions, with primary focus on touristic towns and
recently affordable housing.
Orascom Touristic Establishments (OTE) was established in1989 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 (Switzerland) and a secondary listing on the EGX (Egypt Stock
Exchange). The company's shares are fully fungible (with the same ISIN
code) and can be traded on both stock exchanges in Swiss Francs.
Today, Orascom Development operates in seven jurisdictions (Switzerland,
Egypt, Oman, Morocco, UAE, Mauritius, Jordan) and is 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: [email protected]
Swiss Media Office
Franz Egle
Tel: +41 79 419 79 66
Email: [email protected]
26.09.2009 Financial News transmitted by DGAP
Language: English
Company: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Schweiz
Phone: +41 41 874 17 11
Fax: +41 41 874 17 12
E-mail: [email protected]
Internet: www.orascomdh.com
ISIN: CH0038285679
WKN: A0NJ37
Listed: Foreign Exchange(s) SWX
End of News DGAP News-Service