Cairo – Mubasher: Orascom Development Egypt is currently looking at two land plots in Egypt’s North Coast as it weighs between them for an upcoming touristic project.
Each plot covers an area of over 400 acres, a top official revealed.
The company is looking to make the acquisition in partnership with a government or private body, Orascom Development’s head of investor relations revealed.
The company would undertake the project’s expenses, while revenues will be divided among the two parties, Sara El Gawahergy told Al Mal newspaper on Monday.
Orascom Development will finance the land plot purchase through its available liquidity, El Gawahergy noted.
The deal will likely be completed along with initial construction stages by the end of 2018, she added.
Orascom Development Egypt, previously known as Orascom Development Holding, last reported turning a consolidated profit in the third quarter of 2017 with EGP 92.5 million against EGP 46.01 million in losses in the same period of 2016.
The profitability came on the back of higher revenues, the company said previously.
