September 13, 2021

O West’s sales exceeded EGP 9.5B: CEO of Orascom Development


ArabFinance: Sales generated from O West project have exceeded EGP 9.5 billion since the official launch of the project in 2018, CEO of Orascom Development Egypt (ORHD) Omar El Hamamsy told Al Mal Newspaper.

Spanning 1,000 acres of space in the 6th of October city, O West has been established in partnership with the New Urban Communities Authority (NUCA).

El Hamamsy expected the sales to continue hitting positive levels over the coming period on the back of projected recovery from the current impacts of the COVID-19 pandemic.

Orascom is also planning to launch a new project in El Gouna city in the fourth quarter (Q4) of 2021, he revealed.

On the other hand, he said that El Gouna Film Festival will be held in mid-October.

The company is currently carrying out the development works of Bellevue Hotel in El Gouna, which is expected to be launched in the first half (H1) of 2022, he highlighted, noting that the brand name of the hotel will be changed to the global Chedi once it is completely developed.

Moreover, the CEO said that Makadi Heights’ sales notably jumped in H1 2021.

Total revenue from Makadi Heights rose by 13.2x in H1 2021 to EGP 253.4 million, versus total revenue of EGP 19.2 million in the prior-year period.

ODE posted a consolidated net profit before minority interest of EGP 686.225 million in half one H1 2021, up by 279% from EGP 180.957 million in H1 2020.

ODE is the largest subsidiary of Orascom Development Holding (ODH). ODE is an integrated developer of resort towns in Egypt, with a vertically integrated business model involving the development of residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas.

arabfinance


Categories : telecom

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