Latest news with #ElGouna
Zawya
5 hours ago
- Business
- Zawya
El Gouna expands residential, commercial footprint along Egypt's Red Sea coast
El Gouna, the flagship town of Orascom Development Holding (ODH) on the Red Sea coast, has about 58 percent of its land bank now developed or under construction, the CEO of El Gouna said. Mohamed Amer told Zawya Projects that the company is aiming to deliver 410 residential units this year with 96 units delivered in the first quarter, with the remainder scheduled for delivery within the year. 'Our average selling prices rose by 56 percent year-on-year in the first quarter of 2025,' said Amer. 'We recorded 12.4 billion Egyptian pounds ($249 million) in total real estate sales in 2024, up 63.8 percent from the previous year. El Gouna, spread over an area of 36.92 million square metres (sqm) along a 10-kilometre coastal strip, currently has 9,200 residential units and hosts a population of over 25,000 residents representing more than 50 nationalities. It features 18 hotels, two golf courses, an international hospital, schools, a private airstrip, and four marinas with a combined capacity of 680 yachts, making it the largest private yacht operator in Africa. ODH recently launched Fanadir Shores, a residential development near La Maison Bleue Hotel and Fanadir Marina. The project includes 57 units across seven buildings, with apartments ranging from two to four bedrooms and an average size of 220 sqm. 'It's designed to deliver a premium seafront living experience with open to sea lagoons, reflecting El Gouna's ongoing commitment to luxury, comfort, and community,' said Amer, adding that completion is expected within two years. On the other hand, Fanadir Marina, covering 30,600 sqm, will accommodate up to 80 yachts and includes a 6,000-sqm commercial area with more than 38 retail and dining outlets and integration with Fanadir Marina Signature Residence. Amer said El Gouna is also expanding its role as a business hub with multiple zones to support companies, entrepreneurs, and freelancers. The El Gouna Business District offers office space for companies and entrepreneurs, while G-Valley, a planned development, will provide services to SMEs and startups, including banking and government support. G-Space, a flexible co-working hub caters to freelancers and remote workers, and is equipped with modern amenities to support productivity and collaboration. 'To further support the shift to hybrid work models, we partnered with IWG (International Workplace Group), the global leader in flexible workspaces,' said Amer. 'Their brands, such as Spaces and Regus, have launched professional, scalable office solutions in El Gouna—reinforcing our position as a progressive destination for business and innovation.' (1 US Dollar = 49.71 Egyptian Pounds) (Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
Zawya
4 days ago
- Business
- Zawya
Orascom Development brings El Gouna's Red Sea Lifestyle to the UAE with Fanadir Shores and North Bay launches
Dubai, UAE – Orascom Development, a global leader in creating vibrant, integrated destinations across Europe, the Middle East, and North Africa, shone a spotlight on El Gouna, its stunning coastal town on Egypt's Red Sea, at a recent visit to the UAE. During the trip, El Gouna introduced its latest waterfront real estate projects, Fanadir Shores and North Bay, featuring private luxury living, at an exclusive evening reception ahead of the 4th Annual Private Wealth Middle East Forum, where the town was a Platinum Sponsor. With an exclusive offering of just 57 units, Fanadir Shores provides privacy with direct access to the shores of the Red Sea with a private open lagoon for boats, while North Bay features more spacious living offerings, bringing effortless marina living to life. Delivery of units is set in two years' time. Contributing to El Gouna's reputation as a vibrant, integrated town offering a cosmopolitan lifestyle, Fanadir Shores, its latest project, is designed to elevate the town's premium residential offerings. The new development delivers on Orascom Development's promise of 'life as it should be' and caters to the evolving needs of its growing community. Located on El Gouna's most premium shoreline adjacent to the 80-berth Fanadir Marina, next to the prestigious La Maison Bleu Boutique Hotel, Fanadir Shores offers a fresh take on seafront living. The development features seven buildings with spacious 2- to 4- bedroom apartments, averaging 220 sqm, featuring ocean views and designed for sustainable and luxury living. For those looking for more spacious living, North Bay is the town's latest neighborhood with their newly launched phase ' Highland', primely located with open-to-sea lagoons and private boat docks for. The development offers a variety of single-family standalone villas, duplexes and penthouses with iconic design by the world-renowned architect Victor Legorreta, and prices starting at $1.8M for standalone units with a BUA of 245 sqm, going up to $3.2M for units with a BUA of 390 sqm. This project is exclusively launching 'The Pavilion', a thoughtfully designed public space in North Bay encouraging events and community gatherings, designed for community-centric living. Over the past 35-plus years, Orascom Development has grown into a leading multinational developer of prime destinations across Europe, the Middle East, and North Africa. At the reception, the Group highlighted its unique approach to placemaking and its ambition to create destinations where people can live, work, stay and play with passion and purpose, offering curated experiences spanning residential properties, hospitality, commercial ventures, education and healthcare. At the events, investors, partners, and thought leaders in the region were treated to an immersive experience that brought El Gouna to Dubai through a visually compelling Virtual Reality (VR) experience. Omar El Hamamsy, Orascom Development Group CEO, said: 'Orascom Development's longstanding track record and multinational portfolio reinforce our position as a trusted developer in the region, continuously meeting evolving customer needs and global trends. As regional investors increasingly seek diversification opportunities with both lifestyle attributes and strong returns, El Gouna by Orascom Development offers a compelling blueprint for the future of destination investment – with its multicultural community of residents from more than 50 nationalities, a USD-denominated investment scheme that provides currency stability, and a comprehensive ecosystem of amenities including four world-class marinas, international education and healthcare facilities. We have pioneered a model where sustainable design principles and community programming help to drive consistent value appreciation, creating a unique proposition where financial returns and personal fulfillment go hand in hand.' Mohamed Amer, CEO of El Gouna by Orascom Development, commented: 'There's been a surge of interest in integrated coastal living, and we're pleased to see the UAE community embracing the lifestyle concept we've helped define over decades. El Gouna by Orascom Development is a proven, award-winning town with more than 35 years of legacy and success, home to a thriving international community and a model for destination development. Fanadir Shores and North Bay mark the next chapter in that legacy, bringing our distinct blend of lifestyle, sustainability, and unique architecture to live by the beautiful Red Sea.' Combining elevated design, serviced infrastructure, and a range of resort-style amenities, El Gouna delivered 371 units in 2024 and plans to deliver 410 units in 2025. This contributed to consistently strong financial performance. The Group achieved real estate sales of USD 905 million (AED 3.32 billion), increasing by 16.1% for the year 2024, including USD 274 million from El Gouna (AED 1.01 billion), an increase of 11.6% from the previous year. This growth reflects Orascom Development's ongoing journey to build thriving, integrated, and sustainable communities, where people are empowered, and the environment is respected for future generations. About El Gouna El Gouna, the fully integrated town by Orascom Development, has been the most prominent destination nestled on the Red Sea on an area of 36.9 million square meters for more than 35 years. The town encompasses 9,200 delivered residential units, 18 hotels with 2,800 rooms, schools offering various international curricula including Swiss and British certifications, an international hospital, start-up workspace facility, four marinas, two world-class golf courses, an Egyptian Premier League football club, a culture & conference center, and an array of services. Each of El Gouna's hotels is characterized by unique architectural charm. From the Upper Nubian flair of Steigenberger to the Asian-inspired design of The Chedi, which is part of The Leading Hotels of the World portfolio, and Casa Cook's down-to-earth yet stylish aesthetic, there's a hotel for every taste. The interior design across these hotels is sleek and understated, prioritizing maximum comfort. Dining in El Gouna is a culinary delight, with impeccable options featuring flavors from locally sourced ingredients, including supplies from El Gouna's own farm. The town also offers a curated selection of spas, blending oriental and far eastern treatments for a holistic relaxation experience. With a population of more than 25,000 residents of 50+ nationalities, El Gouna is only 30 minutes from Hurghada International Airport, which is only a four-hour flight from Europe's major capitals. About Orascom Development Orascom Development Holding is a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa. For more than 35 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 43% developed into thriving communities in Egypt (El Gouna, Makadi Heights, O West, Taba Heights, and Byoum), in the GCC (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 34 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.
CairoScene
27-05-2025
- CairoScene
Camino is Bringing a Slice of Mojito-vation to El Gouna's Food Scene
Camino is Bringing a Slice of Mojito-vation to El Gouna's Food Scene A menu dancing between Latin staples and Mediterranean twists. Spoiler: the only thing getting 'stamped' is your dignity after a third shot. You know that itch? The one that creeps in sometime after January—that low-level yearning for elsewhere. Suddenly, your Instagram feed morphs into a technicolour blur of strangers eating ceviche on the cobblestone streets of Catanegro, taco stands in Tulum, that girl from high school who's possibly living in a hammock with a mojito in hand. You and I, on the other hand, are two espressos, a latte, and dark under-eye bags deep into Googling cheap flights to Colombia (no layovers), while scrolling TripAdvisor reviews of restaurants in Chile. Meanwhile, our Spotify algorithm thinks we're fluent in reggaeton, and we're mistakenly signing work emails with besos. Sounds like it's time for an intervention. And unlike most people, we're not gatekeeping this one. Whether you're a Gouna local or ready to drive in for an impromptu reset, the town's food scene just got a tropical upgrade. Tucked into Abu Tig's yacht-flanked folds, Camino is El Gouna's latest sultry addition—bottling Latin American escapism with a Mediterranean twist into four curated menus. It's a passport stamp, minus the airport bureaucracy. Start your morning with natural vitamin D (the supplements gathering dust on your nightstand can wait) and a breakfast where your only concern is choosing between shakshouka or French toast—or maybe a full-blown oriental spread. Still clinging to your 2027 summer body goals? There are light options too: seasonal fruit plates, avocado toast, and just enough restraint to power you through the day. Vacationing is that constant oscillation between 'I deserve this' and 'I still need to post a bikini pic.' Camino's late-night menu is the philosophical answer to that dilemma—letting you share fried calamari and crunchy kunafa king prawns while sipping a watermelon mojito in what is essentially a tropical imitation of an Italian aperitivo. You could call it a night after a few bites of airy churros, fried to a perfect shade of gold and dusted with cinnamon sugar, dipped in warm chocolate sauce that satisfies your sweet tooth without leading to next-day regret. A cold draft beer ties it all together as you wind down. El Gouna, for all its curated calm, understands the value of leaving the city-rush behind. Camino gets it. It's the kind of place where you stay longer than planned, get sentimental over cilantro, and realise halfway through dessert—or your fifth sangria—that your phone's been face-down for hours and your camera roll is full of selfies you swear you don't remember taking.
Zawya
15-05-2025
- Business
- Zawya
Orascom Development Egypt records 54.3% surge in Q1 2025 revenues
Egypt - Orascom Development Egypt (ODE) reported a strong start to the year, with total revenues rising 54.3% year-on-year to EGP 6.4bn in the first quarter (Q1) of 2025. Gross profit more than doubled, increasing by 130.2% to EGP 3.3bn. This resulted in a gross profit margin of 50.7%, up significantly from 34.0% in Q1 2024. The growth was primarily driven by exceptional performance in the company's recurring income segments, particularly hotels and commercial assets, which together contributed EGP 2.1bn in revenues—a 58.9% increase over the same period last year. Adjusted EBITDA also showed impressive growth, soaring 115.5% to EGP 3.4bn, with the EBITDA margin improving to 52.7%, compared to 37.7% in Q1 2024. Net profit rebounded strongly to EGP 2bn, reversing a net loss of EGP 1bn in the first quarter of the previous year. In the real estate segment, ODE sold 131 units in Q1 2025, generating EGP 4.1bn in net contracted sales, down from EGP 8.8bn in Q1 2024. The decline was attributed to fewer new launches, as the company prioritized timely delivery of units in O West and Makadi Heights. El Gouna remained the top contributor, accounting for 74% of total sales. Despite the drop in volumes, the segment's deferred revenue rose by 38% year-on-year to EGP 38.6bn, enhancing visibility into future earnings. Real estate revenues declined slightly by 2.7% to EGP 2.8bn, largely due to lower contributions from O West. However, ODE anticipates a pickup in revenues in the coming quarters, driven by accelerated construction activity. The segment delivered adjusted EBITDA of EGP 1.2bn, representing a margin of 43.2%. ODE's hotel operations delivered a record performance, with revenue increasing by 68% year-on-year to EGP 1.2bn—the highest first-quarter div in the company's history. This was supported by high occupancy rates and improved average room rates, despite ongoing global macroeconomic and geopolitical challenges. The commercial assets segment also sustained its upward trajectory, with revenue rising 49% to EGP 1bn. Adjusted EBITDA for the segment reached EGP 361.4m, up 52%, reflecting enhanced operational efficiency and a continued focus on profitability. Regionally, El Gouna posted Q1 real estate sales of EGP 3bn, down 26.2% due to fewer launches. However, average selling prices increased sharply by 56% to EGP 279,416 per square meter. Real estate revenue from El Gouna rose 29.9% to EGP 1.9bn, while hotel revenue jumped 67.9% to EGP 1.2bn. Total revenues from El Gouna doubled to EGP 5.5bn. At Makadi Heights, real estate sales fell 63.3% to EGP 463.7m, despite a 102.8% increase in average selling prices. Revenues climbed 81.4% to EGP 387.4m, with 700 unit deliveries targeted by year-end. Taba Heights, with only one operational hotel, recorded a 161.1% increase in revenues to EGP 28.2m. The company continues to focus on cost control while awaiting a broader recovery in tourism. O West experienced a sharp drop in real estate sales, which fell 82.0% to EGP 604.7m due to the lack of new project launches. However, average selling prices rose 75.3%, partially offsetting the volume decline. Revenues dropped 54.9% to EGP 530.6m. ODE expects a rebound in the second quarter, supported by intensified construction efforts and a planned capital increase later in 2025.
Egypt Today
15-05-2025
- Entertainment
- Egypt Today
Egyptian Cinema Steals the Spotlight at Cannes Film Festival
Yousra and Raya Abirached. From Yousra to Nadine Njeim, Amina Khalil, Raya Abirached, and Amr Mansi, a notable group of Arab and Egyptian artists and celebrities participated in this year's Cannes Film Festival. The 78th Cannes Film Festival opened with elegance and emotion — a triple tribute to Ukraine and a premiere of Amélie Bonnin's Leave One Day, a French romance that sets the tone for the days ahead. Cinema meets humanity on the red carpet. This year's Cannes spotlight shines on Aisha Can't Fly Away by Egyptian director Morad Mostafa, featured in the Un Certain Regard section. Also making waves is A Doll Made Up of Clay, a short film from Ethiopia by Kokob Gebrehweria Tesfay. Aisha Can't Fly Away by Morad Mostafa — a raw, intimate portrait of life in Ain Shams, screening in the prestigious Un Certain Regard section. It's more than a debut — it's a breakthrough. Set in East Cairo, Aisha Can't Fly Away follows a 26-year-old Somali woman navigating refugee life. With heart and grit, Morad Mostafa's debut challenges how we see borders, identity, and resilience. Aisha Can't Fly Away isn't just about story — it's about performance. With standout roles from Buliana Simona, Emad Ghoneim, Mamdouh Salah & Egyptian rapper Ziad Zaza, Egypt delivers acting talent with real edge. After 10 years, the Al-Mahrousa Pavilion is back at the Cannes Film Market! A major move for Egyptian cinema — promoting co-productions, global networking & a renewed industry presence. Backed by CIFF, El Gouna & the Egypt Film Committee. At the Critics Awards for Arab Films, Khaled Mansour's debut Seeking Haven for Mr. Rambo earns 5 nominations! From Venice buzz to Cannes acclaim, this tale of man, dog, and dignity is a must-watch.
