Orascom Development Holding AG: signs CHF 175 million syndication loan for O West project

Ad hoc announcement pursuant to Art. 53 LR.

Orascom Development signs CHF 175 million syndication loan for O West project

Altdorf, 6 November 2023 – Orascom Development Holding AG, through its subsidiary Orascom for Real Estate S.A.E (ORE), has signed a CHF 175 million syndicated loan agreement with two local Egyptian banks to finance the further development of the O West project. The loan’s tenor is set over ten years.

The loan will be used to partially finance the development of O West and help accelerate the construction of the project phases. ORE has already started handing over units of the first development phase since mid-2023 with plans to deliver more than 1,000 units during 2024.

Omar El Hamamsy, Orascom Development’s Group CEO, commented: “We are very pleased to announce the closing of this financing transaction for the O West project. This marks an important milestone in the development cycle of the project and is a testament to the credibility and the strong financial profile of O West as well as a reflection of the confidence in ORE’s ability to deliver on its financial commitments. The loan will support our plan to accelerate the pace of construction and continue the handover program which we already started earlier this year. The loan tenor fits well with the Company's financial profile and development plans.”

About Orascom Development Holding AG:

Orascom Development Holding is a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa. For more than 30 years, Orascom Development has been a pioneer in creating destinations where people are inspired to live, work, and play with passion and purpose.

From El Gouna’s stunning Egyptian coastal town by the Red Sea to Andermatt Swiss Alps’ breath-taking, year-round mountain destination, each master-planned community is a testament to Orascom Development's commitment to place-making at its finest. The integrated towns harmoniously combine residential areas with private villas and apartments, hotels, and award-winning leisure and commercial amenities – including golf courses, marinas, sports facilities, retail shops and restaurants.

Orascom Development owns a land bank of more than 100 million square meters with nearly 40% developed or under development into thriving communities in Egypt (El Gouna, Makadi Heights, O West, Taba Heights, and Byoum), in the GCC (The Cove in the UAE and Jebel Sifah and Hawana Salalah in Oman), and in Europe (Andermatt Swiss Alps in Switzerland, Luštica Bay in Montenegro and West Carclaze Garden Village in the UK). Orascom Development’s hospitality portfolio includes 33 premium and luxury hotels with more than 7,000 rooms across Europe, the Middle East, and North Africa. ODH shares are listed on the SIX Swiss Exchange.

For more information, please visit https://www.orascomdh.com/. 

Contact for Investors:      

Ahmed Abou El Ella     

Director of Investor Relations    

Tel: +20 224 61 89 61

mobile: +20 122129 5555      

Email: ir@orascomdh.com

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PERFORMANCE OR ACHIEVEMENTS, AND MAY CONTAIN WORDS SUCH AS “UNDERSTANDS”, “ANTICIPATES”, “EXPECTS”, “ESTIMATES” “IT IS LIKELY” OR OTHER TERMS OR EXPRESSIONS WITH SIMILAR MEANING. THESE STATEMENTS ARE SUBJECT TO A NUMBER OF RISKS, UNCERTAINTIES AND ASSUMPTIONS. THE COMPANY CAUTIONS READERS THAT CERTAIN RELEVANT FACTORS MIGHT BE THE CAUSE FOR ACTUAL RESULTS TO DIFFER FROM THE PLANS, GOALS, EXPECTATIONS, ESTIMATES AND INTENTIONS EXPRESSED IN THIS DOCUMENT. NEITHER THE COMPANY NOR ANY RELATED COMPANIES, DIRECTORS, OFFICERS, REPRESENTATIVES OR EMPLOYEES THEREOF SHALL IN ANY EVENT BE LIABLE AS TO THIRD PARTIES (INCLUDING INVESTORS) FOR ANY INVESTMENTS OR BUSINESS DECISIONS ADAPTED OR ACTS PERFORMED BY THEM ON THE BASIS OF THE INFORMATION ANY STATEMENTS CONTAINED HEREIN OR FOR ANY CONSEQUENTIAL, SPECIAL OR SIMILAR DAMAGES DERIVED THEREFROM.  ANY MARKET INFORMATION AND COMPANY’S COMPETITIVE POSITION DATA INCLUDING MARKET PROJECTIONS USED IN THIS DOCUMENT HAVE BEEN DERIVED FROM IN COMPANY’S STUDIES, MARKET RESEARCH REPORTS, PUBLICLY AVAILABLE DATA AND INDUSTRY PUBLICATIONS. ALTHOUGH THE COMPANY HAS NO REASON TO BELIEVE THAT THIS INFORMATION OR THESE REPORTS ARE INACCURATE IN ANY MATERIAL, RESPECT, THE COMPANY HEREBY STATUS THAT IT HAS NOT INDEPENDENTLY CHECKED ANY COMPETITIVE POSITION, MARKET SHARE, MARKET VOLUME, MARKET GROWTH OR OTHERS.