EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
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 / 19:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.
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. 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:
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:
Dynamics Group AG
Tel: +41 432 68 32 35
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.