EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Correction: Orascom Development Holding AG Brings Kent College, one of the top 10 UK schools, to open its first Egyptian campus in O West
16-Feb-2020 / 22:41 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
Orascom Development Brings Kent College, one of the top 10 UK schools, to open its first Egyptian campus in O West
Altdorf, 16 February 2020 - As part of our efforts to continuously bring and provide the best level of services offered to O West's growing community; Orascom Development Holding (ODH) is pleased to announce that O West has signed a School Development Agreement with a private investor to develop a K-12 international school. The School will be managed and operated by Kent College, a UK based school operator and one of the top 10 UK schools with 130 years of history, operating only Kent College in Canterbury (established in 1885) and Kent College in Dubai (established in 2016). This marks Kent Colleges' first entry into the Egyptian and the African educational market.
Total investment cost of the school will be up to CHF 31 million and will be covered by the private investor. The school is expected to start operation in Q3 2022, a year before the delivery of the first real estate units in O West.
The school will accommodate 1,500 students with high quality education, supported by around 400 members of staff. The school will encompass a total of 70 classrooms excluding laboratories, libraries, performing arts spaces, sports spaces and student collaboration areas. Kent College O West will implement the STEAM education system and tutored by British certified teachers. The national UK curriculum will be implemented followed by IGCSE, and the IB curriculum will be optional in senior years.
Commenting on the signing Ashraf Nessim ODH's Chief Financial Officer: "We are very pleased with our strategic cooperation with one of the top schools in the UK, KENT College. We are different in what we do and in what we call town development in all our destinations worldwide and we will always try to bring the best-in-class service providers to our communities across our destinations. "We will always pay great attention to the town's educational hub, to complement our role in providing high quality education for all students and create a wholesome community."
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) 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 seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates nine destinations; four in Egypt (El Gouna, Taba Heights, Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange.
Contact for Investors:
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