Cairo – Mubasher: The board of directors of Orascom Development Egypt announced the approval of resignation of chairwoman Manal Hussein Abdelrazik.
The board appointed Samy Saad Zaghloul as the new chairman of Orascom Development Egypt, effective as of 1 February, according to a bourse statement on Thursday.
The newly-appointed chairman served as the executive director representing Egypt and Djibouti at the board of directors of the African Development Bank Group and was the former dean of the board. He also worked as the secretary general of the Egyptian cabinet for eight years.
It is noteworthy that during the first nine months of 2019, Orascom Development Egypt reported net profits of EGP 501.2 million, up from EGP 274.06 million in the year-ago period, including minority shareholders’ rights.
