Orascom Development Holding AG

DGAP-Adhoc: Orascom Development Holding AG: establishes a new hotels asset management subsidiary.

Orascom Development Holding AG  / Key word(s): Miscellaneous/Miscellaneous

04.11.2013 17:32

Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Orascom Development establishes a new hotels asset management subsidiary.

Orascom Development establishes a joint venture with Abouyoussef, a tourism
specialized entrepreneur and the owner of 1,600 hotel rooms across Egypt to
asset manage all the Group's hotels.

Altdorf/Cairo, 4 November 2013 - In line with the company's strategy of
optimizing internal processes, enhancing performance and increasing
efficiency, Orascom Development is establishing a joint venture with
Abdelhamid Abouyoussef under the name of 'Orascom Hotels Management' (OHM)
to asset manage the entire Group's hotels. The company will be 75% owned by
Orascom Development and 25% owned by Abdelhamid Abouyoussef who will also
be the Managing Partner of OHM.

The new established company OHM will be an additional tool to optimize
value in the hotels business segment, utilizing Abdelhamid's hotels
management experience and know-how to further strengthen the segment's
capacity and performance.

Abdelhamid Abouyoussef holds a bachelor degree in mechanical engineering
from the American University in Cairo and a master's degree from the
University of California at Berkeley with 15 yrs of experience in the
fields of hotel construction and management. Abouyoussef is an owner of
1,600 hotel rooms throughout Egypt (Sharm El Sheikh, Marsa Alam, Alamein
and the Baharia Oasis in the western desert) and of a travel agency
handling over 100,000 tourists per year.

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 nine
jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro,
United Kingdom and Romania), with primary focus on touristic destinations
and budget housing. The Group currently operates six destinations; three in
Egypt El Gouna, Taba Heights and Haram City, The Cove in United Arab
Emirates and Jebel Sifah and Salalah Beach in Oman. Orascom Development has
a dual listing, with a primary listing on the SIX Swiss Exchange and a
secondary listing on the EGX Egyptian Exchange.

Investor Relations Contacts
Sara El-Gawahergy
Investor Relations Director
Tel: +0100 218 5651
Email: ir@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.

Contact Investor Relations
Sara El Gawahergy  +2  01 205 20 52 18

Contact Media Relations

Additional features:
Document: http://n.equitystory.com/c/fncls.ssp?u=PJSNBBPEJI

Document title: Orascom Development establishes a new hotels asset
management subsidiary.

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Language:               English
Company:                Orascom Development Holding AG
                        Gotthardstraße 12
                        6460 Altdorf
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:                 SIX

End of Announcement                             EQS Group News-Service



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