ORASCOM DEVELOPMENT HOLDING AG (FRA:4O7) EQS-Adhoc: ODH's Hotels in Egypt re-open for business. Orascom Development Holding (ODH) announces the re-opening of El Gouna Hotels as of May 15 in time for the festive season of Eid Al-Fitr.

Directive transparence : information réglementée

11/05/2020 07:00

EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
ODH's Hotels in Egypt re-open for business. Orascom Development Holding (ODH) announces the re-opening of El Gouna Hotels as of May 15 in time for the festive season of Eid Al-Fitr.

11-May-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

ODH's Hotels in Egypt re-open for business.

Orascom Development Holding (ODH) announces the re-opening of El Gouna Hotels as of May 15 in time for the festive season of Eid Al-Fitr.

Altdorf, May 11, 2020 - The Egyptian government has officially allowed the reopening of hotels and resorts on 15 May 2020 for domestic tourism, after being closed since March 19, 2020, as the Covid-19 pandemic spread across the world. Accordingly, ODH will gradually re-open its hotels in El Gouna starting May 15 with plans set to have all hotels there open for business by May 21, 2020 and will also re-open Taba Heights Hotels on May 21, 2020.

According to the government regulations, hotels will be permitted to operate at a maximum capacity of 25% until 1 June 2020 then at 50% by June 2020. The number of residents will be in accordance with guidelines of the World Health Organization (WHO) and medical measures, ensuring quality of personal protective tools and sterilization materials.

"We have used the time of the temporary suspension of the hotel operation to monitor WHO guidelines, government mandates and public health advancements to tailor and implement sanitation and staff training programs that ensure our hotels continue to provide a safe haven for our guests and staff", Abdelhamid Abouyoussef, ODH's Executive Committee member commented.

"Since International travel from/to Egypt is still closed, we expect domestic travel to pick up, with local occupancies increasing more than usual in El Gouna. Moreover, in appreciation of the situation and the travel uncertainties, the Group has released flexible booking terms and conditions. This initiative helped maintain decent short-term demand levels".


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:
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

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

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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
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: 1040447

End of Announcement EQS Group News Service

1040447  11-May-2020 CET/CEST