Cairo – Mubasher: Orascom Development Egypt is currently considering the establishment of a new residential project in Makadi, Hurghada, investment relations manager Sara Al Gawahergy told Alborsa News.
Al Gawahergy forecast the project’s sales to reach around EGP 200 million, noting that the company is also studying the construction of a new hotel in El Gouna. She gave no further details on the value of the new project.
Given that Orascom Development has sold a total EGP 1.24 billion of its non-core assets two days ago.
The Egypt-based company has signed a final sale offer with a number of international and local investors for its stake in Tamweel Group for 2018, Orascom highlighted.
The hotels and properties developer also inked a second sale offer with Meeting Point International Egypt, a subsidiary of FTI, to sell Royal Azur, Cub Azur, Makadi Gardens, and a plot of land at a total EGP 939.3 million.
Orascom Development's capital amounts to EGP 1.1 billion distributed over 221.6 million shares at a par value of EGP 5 per share.
