Orascom Development Holding AG: Omani Subsidiary; Muriya has signed a Development Agreement with Oman's Ministry of Tourism to Develop City Walk in the heart of Muscat Montag, 21. November 2016 - 07:01

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG: Omani Subsidiary; Muriya has signed a
Development Agreement with Oman's Ministry of Tourism to Develop City Walk
in the heart of Muscat

21.11.2016 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.


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Press Release

Orascom Development Holding's Omani Subsidiary; Muriya has signed a
Development Agreement with Oman's Ministry of Tourism to Develop City Walk
in the heart of Muscat.
Altdorf, 21 November 2016 - Samih Sawiris, Chairman of ODH has signed
yesterday an agreement with HE Ahmed bin Nasser Al Mahrizi, Oman's Minister
of Tourism, to develop City Walk, a vibrant beachfront commercial city
complex located in North Al Hail, Muscat. The development agreement is
based on a usufruct concession for 50 years with fees payable starting from
year 6.

The development comes as part of the continued collaboration between the
Ministry and ODH to bring long-term value to Oman's tourism, retail and
real estate sectors and add to ODH's growing portfolio in Oman.

City Walk is a 47,499 square meter project that will comprise a 355-meter
water front, a retail area with shops and restaurants, as well as an
upscale 123 rooms 5-star hotel. Additionally, the project will feature a
commercial area with offices and a dedicated cinema complex.

About Orascom Development Holding
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 a 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: +202 246 18961
Tel: +41 418 74 17 11       
Email: ir@orascomdh.com 

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch
    
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End of ad hoc announcement

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