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Orascom Development Holding AG — Regulatory Filings 2011
Sep 19, 2011
946_rns_2011-09-19_e276a7a8-2458-40b3-a774-5855b5361f51.html
Regulatory Filings
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Corporate | 19 September 2011 18:00
Orascom Development opened first hotel in Jebel Sifah/Oman
Orascom Development Holding AG / Key word(s): Product Launch
19.09.2011 / 18:00
Press Release
Orascom Development opened first hotel in Jebel Sifah/Oman
Altdorf/Cairo, 19 September 2011 – Orascom Development Holding AG (Orascom Development) announces that its first hotel in the Sultanate of Oman has been opened last weekend. The Sifawy Boutique Hotel in Jebel Sifah offers 55 rooms and suites and aims to become one of the best 4 star hotels in Oman in terms of quality and service. Jebel Sifah is one of three destinations in Oman currently under development by Orascom Development and its local partners. It is planned to develop Jebel Sifah into a leisure destination covering an area of more 6.2 million square meters and offering five 4 and 5 star hotels, shopping complexes, restaurants, a marina and a golf course. Jebel Sifah and the Sifawy Boutique Hotel are located just 45 km away from Muscat and 65 km from the international airport. The distinctive appeal of Jebel Sifah as a destination lies in it being a beckoning getaway with close proximity to the capital city, accessible in less than an hour's drive. Jebel Sifah is a scenic destination fringed by sandy white beaches and turquoise waters of the Arabian Sea with a backdrop of the majestic Hajjar mountain range.
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) 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]
Orascom Development Holding AG
Swiss Media Office
Philippe Blangey
Tel: +41 41 874 17 11
Email: [email protected]
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: | [email protected] |
| 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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| 139722 19.09.2011 |