Orascom Development Holding AG
DGAP-Adhoc: Orascom Development Holding AG: Reorganisation of the Executive Management Team
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous 10.03.2014 07:00 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- Reorganisation of the Executive Management Team Altdorf/Cairo, 10 March 2014 - The Board of Directors of Orascom Development Holding AG (Orascom Development) announces changes in the Executive Management. As a result of this change, Mr. Mahmoud Zuaiter will move to become Managing Director of Jordan Projects for Tourism Development (JPTD); the company responsible for developing Tala Bay project in Jordan. JPTD is a listed company on the Amman Stock Exchange in which the Group holds an important minority shareholding stake of 15.64%. As a result of this new assignment, Mr. Zuaiter will step down from the Group's Executive Management to fully focus on his new role. This change will be effective as of March 1st 2014. A key focus of his new role is to take JPTD to the next level in terms of it developments, institutionalizing and streamlining the business processes of its portfolio and leading its disciplined expansion. The Board of Orascom Development Holding and JPTD are highly confident that Mahmoud will add a lot of value in his new role given his vast experience and knowhow of the organization and its business model. Mahmoud Zuaiter; has been since 2004 and has since held several strategic roles. He was the CFO of the Hotels Segment, Group CFO (leading the listing on the SIX in 2008) and recently the CEO of International Hotel Holding (formerly Orascom Hotel Holding). Tala Bay was the Group's first regional roll-out of its model outside Egypt. The integrated tourism destination is being built upon a man-made lagoon and is one of the largest tourism destinations in the country covering an area of approximately 2.7 million m2. Abdelhamid Abouyoussef, managing partner of the recently established joint venture Orascom Hotels Management, will take over the responsibilities of Mr. Zuaiter and will become a member of the Group's Executive Management. 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 eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations and budget housing. The Group currently operates eight destinations; four in Egypt El Gouna, Taba Heights, Haram City 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. Investor Relations Contacts Sara El-Gawahergy Investor Relations Director Tel: +0100 218 5651 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. 10.03.2014 News transmitted by EQS Schweiz AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- 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: SIX End of Announcement EQS Group News-Service ---------------------------------------------------------------------------