Orascom Development Holding AG
EQS-Adhoc: Orascom Development Holding AG (ODH) launches the grand opening of Fanar Hotel in Salalah Beach, thereby completing the 700-room Phase I of its hotel development plan in Oman.
EQS Group-Ad-hoc: Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Orascom Development Holding AG (ODH) launches the grand opening of Fanar Hotel in Salalah Beach, thereby completing the 700-room Phase I of its hotel development plan in Oman. 09.02.2016 / 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR. The issuer is solely responsible for the content of this announcement. -------------------------------------------------------------------------------- Press Release Orascom Development Holding (ODH) launches the grand opening of Fanar Hotel in Salalah Beach, thereby completing the 700-room Phase I of its hotel development plan in Oman. Altdorf/Cairo, 9 February 2016 - Muriya, a joint venture between Orascom Development Holding (70%), and Omran (30%); the tourism development arm of the Omani Government, successfully completed the 700-room Phase I of the hotel development plan in Salalah Beach, Oman, making it the largest contributor to the development of high-end hotels in Oman in the last five years. Marking the completion of this milestone, Muriya organised a celebration ceremony held under the auspices of H.E. Sayyid Muhammad bin Sultan Al Busaidi, Minister of State and Governor of Dhofar and Mr. Samih Sawiris, Chairman of ODH in participation of government dignitaries, as well as company representatives and clients. The celebration included the grand opening of the company's third hotel, the 4-star 218-room Fanar Hotel & Residences. Samih Sawiris, Chairman of ODH and Muriya which has already invested over USD 500 million said: "I would like to thank the Government of Oman, all its institutions and especially the Ministry of Tourism led by HE Ahmed Nasser Al-Mahrizi, Minister of Tourism, for the continuous support. The 6 weekly direct flights from top European cities to Salalah are bringing around 50,000 tourists annually benefiting all of Dhofar hotels, while generating a strong traffic flow for the newly opened, state of the art Salalah Airport." Mr. Sawiris further stated that the grand opening shows Orascom Development Holding's commitment to continue building bustling high-end touristic towns, develop new lifestyle experiences and jobs well beyond the direct employment within ODH and its hotels. About Orascom Development Holding AG Orascom Development 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 seven destinations; three in Egypt El Gouna, Taba Heights, and Makadi, The Cove in United Arab Emirates , Jebel Sifah and Salalah Beach in Oman and Andermatt in Switzerland. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. Contact for Investors: Sara El Gawahergy Head of Investor Relations Tel: +20 100 218 56 51 Tel: +41 418 74 17 11 Email:ir@orascomdh.com Contact Media Relations media@orascomdh.com 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 AG'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 AG's results of operations and on whether Orascom Development Holding AG will achieve its targets. Orascom Development Holding AG 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 -------------------------------------------------------------------------------- 09.02.2016 News transmitted by EQS Schweiz AG. www.eqs.com - news archive: http://switzerland.eqs.com/de/News The issuer is responsible for the contents of the release. -------------------------------------------------------------------------------- Language: English Company: Orascom Development Holding AG Gotthardstraße 12 6460 Altdorf Switzerland 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: Foreign Exchange(s) SIX End of News EQS Group News Service -------------------------------------------------------------------------------- 435643 09.02.2016