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ORASCOM DEVELOPMENT HOLDING AG (FRA:4O7) EQS-Adhoc: Orascom Development Holding AG inaugurates the construction of its new 400 rooms 5-star hotel in Hawana Salalah, Oman and thus completing the Group's minimum building obligations for the country in 2020 and securing its land bank.

Directive transparence : information réglementée

25/02/2020 07:00

EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG inaugurates the construction of its new 400 rooms 5-star hotel in Hawana Salalah, Oman and thus completing the Group's minimum building obligations for the country in 2020 and securing its land bank.

25-Feb-2020 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.


Press Release

Orascom Development Holding AG inaugurates the construction of its new 400 rooms 5-star hotel in Hawana Salalah, Oman and thus completing the Group's minimum building obligations for the country in 2020 and securing its land bank.
 

Altdorf, 25 February 2020 - Orascom Development Holding AG (ODH), through its Omani subsidiary Muriya (a Joint Venture between ODH (70%), and the Oman Tourism Development Company (Omran) (30%)), is pleased to announce the start of construction of its new 400-rooms 5-star hotel in Hawana Salalah, Oman.
 

The first phase of the hotel, comprising 120 rooms, is expected to be completed before the end of December 2020. Upon completion of the first phase, the Group's minimum building obligations in Oman will be satisfied, thereby securing the land bank. The remaining 280 rooms will be opened during 2021. This new hotel will bring Hawana Salalah's hotel capacity to 1,500 rooms and reiterates ODH's position as the largest private contributor to the development of four and five-star hotels in Oman.
 

The total investment cost excluding the land is c. CHF 89.0 million (OMR 35.0 million). Partial funding of the hotel will be paid using the proceeds of ODH's CHF 100 million bond that was issued in September 2019 in particular with a view to further developing the destinations in Oman and Montenegro.
 

The hotel will span over 105,000 m2 of premium beachfront land overlooking the Indian Ocean and will offer 400 deluxe guestrooms and suites with state-of-the-art architecture and interior designs. It will feature a comprehensive range of modern amenities suiting the needs of business and leisure travelers, including families. The hotel will be managed by Orascom Hotels Management (OHM).
 

Once completed, the hotel complex will make Hawana Salalah the only destination in the Sultanate that offers four very unique hotel and lodging propositions across 1,500 luxury rooms.
 

Samih Sawiris, Executive Chairman of ODH said: "I am pleased with the development progress in Hawana Salalah over the past six years which now has all the successful components of making it an enticing international touristic destination. We remain committed to make disciplined additions to our portfolio that will further strengthen ODH's story. We will continue to drive growth and act in the best interest for ODH and its stakeholders to enhance shareholder value. The addition of our new 5-star luxury hotel underlines our commitment and plans for further value adding investments in the destination."
 

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 ODH are listed on the SIX Swiss Exchange. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the 6th of October City.

Contact for Investors:
Sara El Gawahergy

Head of Investor Relations & Strategic Projects Management
Tel: +202 246 18961
Tel: +41 418 74 17 11
Mob: +41 79 156 78 49
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch

 

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'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's results of operations and on whether Orascom Development Holding will achieve its targets. Orascom Development Holding 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 ad hoc announcement
Language: English
Company: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Switzerland
Phone: +41 41 874 17 17
Fax: +41 41 874 17 07
E-mail: ir@orascomdh.com
Internet: www.orascomdh.com
ISIN: CH0038285679
Valor: A0NJ37
Listed: SIX Swiss Exchange
EQS News ID: 982631

 
End of Announcement EQS Group News Service

982631  25-Feb-2020 CET/CEST

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