Latest news with #OrascomDevelopment
Zawya
15-07-2025
- Business
- Zawya
Orascom Development Egypt announces the appointment of Eskandar Tooma as its new Chairman
Cairo, Egypt; Orascom Development Egypt (ODE) board of directors announces that Dr. Eskandar Tooma has been appointed as the company's new Non-Executive Chairman of the Board of Directors. Dr. Eskandar succeeds Dr. Samy Saad Zaghloul, who is leaving after ending his six-year term at ODE. This leadership change underscores ODE's dedication to maintaining strong governance and strategic oversight through experienced leadership. The board would like to express its sincere appreciation to Dr. Samy for his invaluable contributions throughout a pivotal period. Dr. Samy will transition into a new role with ODE as the Chairman of ODE's non-profit foundation. Dr. Eskandar Tooma is a distinguished executive leader, academic, and expert in governance and financial management. He rejoins Orascom Development after previously serving as an executive director of the Group from 2013 to 2016. With a career in academia spanning more than two decades, Dr. Tooma was a tenured Professor of Finance and the founding head of the Finance Unit at the American University in Cairo. In addition to his executive and academic roles, Dr. Tooma has held several high-profile non-executive board positions in many companies, including Telecom Egypt, Vodafone Egypt, Egypt Post, Madinat Masr, Taaleem, Egyptian Resorts Company, B Investments, and the oversight board of the HSBC Egypt Money Market Fund, among others. About Orascom Development Egypt (ODE): Orascom Development Egypt is the largest subsidiary under Orascom Development Holding (ODH), a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa. For more than 30 years, Orascom Development Holding 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 O West's modern and integrated town living in the heart of West Cairo's Sixth of October, each master-planned community is a testament to ODE's commitment to placemaking at its finest. Other integrated towns in Egypt include Makadi Heights near the Red Sea, Taba Heights on the Sinai Peninsula, and Byoum in Fayoum. ODE owns a land bank of over 50 million square meters, with nearly 28% of the land developed or under development. ODE's hospitality portfolio comprises 24 premium and luxury hotels, featuring over 4,900 rooms in Egypt. ODE shares are listed on the Egyptian Stock Exchange (EGX). For more information, please visit Contact for Investors: Ahmed Abou El Ella Head of Investor Relations Email: ir@
Gulf Insider
09-07-2025
- Business
- Gulf Insider
Why Invest in Property in El Gouna, Egypt?
Nestled along Egypt's Red Sea coast, El Gouna is a luxurious, fully integrated town that has emerged as a premier destination for property investment. Often dubbed the 'Venice of Egypt' due to its intricate network of lagoons, El Gouna offers a unique blend of serene coastal living, world-class amenities, and strong investment potential. The community is home to a variety of sought-after amenities, including hotels, restaurants, marinas, golf courses, banks, health and wellness facilities, international education institutions, co-working spaces and more. Here's why investing in El Gouna is a smart choice, along with key details about its distinct features, property types, future plans, property management services, green initiatives, and travel options from Bahrain and other Gulf countries. Unlike many other developments, El Gouna is a fully integrated, privately managed town developed by Orascom Development since 1989. Located just 20 kilometres north of Hurghada International Airport, it combines award-winning architecture with a vibrant, international community of residents representing over 50 nationalities, families, entrepreneurs, affluent Egyptians, expatriates, and retirees. Its unique lagoon system builds proximity of some premium neighbourhoods to the open sea, offering waterfront views for most properties, while its year-round sunshine, pristine beaches, and proximity to Hurghada set it apart. El Gouna's gated, curated environment ensures a safe, clean, and relaxed lifestyle, distinct from the busier, more tourist-heavy Hurghada. With top-tier infrastructure—high-speed internet, reliable utilities, and eco-friendly transport like tuk-tuks—El Gouna feels like a luxurious haven brimming with coastal serenity. Gulf Insider sat down with Mr. Mohamed Amer, CEO at El Gouna, who shared with us the unique allure of El Gouna and why it's capturing the attention of global real estate investors. Mr. Amer told us that El Gouna has emerged as a world-class destination due to its natural beauty, diverse entertainment (such as the El Gouna International Film Festival), and sustainable development has fostered a vibrant, multicultural community. Mr. Mohamed Amer, CEO at El Gouna highlighted why the community is capturing the attention of global real estate investors. Mr. Amer highlighted the strong demand from international buyers, which drives high returns on investment (ROI) for homeowners. He explained that El Gouna stands out as the only Egyptian real estate project pricing its residential offerings in U.S. dollars, a strategy that shields investors from currency fluctuations. Villas: Spacious standalone or twin villas, often with private pools, gardens, and sea or lagoon views, are popular among affluent buyers. Spacious standalone or twin villas, often with private pools, gardens, and sea or lagoon views, are popular among affluent buyers. Townhouses: Ideal for families, these offer privacy and communal amenities. Ideal for families, these offer privacy and communal amenities. Apartments and Penthouses: Modern, fully furnished units with lagoon or golf course views range from 47 to 200 square meters. Modern, fully furnished units with lagoon or golf course views range from 47 to 200 square meters. Chalets and Duplexes: These provide cosy, stylish options, often in vibrant neighbourhoods. El Gouna is only about 50% developed, leaving significant room for growth and value appreciation. Orascom Development, which owns one of Egypt's largest land banks, continues to expand the town with projects like Ancient Sands Resort, featuring villas and apartments with golf course views, and Kamaran El Gouna, a family-friendly neighbourhood with modern homes and serene sand pools. Recently, Orascom Development introduced two of El Gouna's newest waterfront real estate projects in a special showcase held in the UAE. Fanadir Shores and North Bay are designed to offer premium coastal living. Fanadir Shores features 57 residential units along a private lagoon with direct access to the Red Sea, while North Bay offers larger standalone and twin villas with direct sea access and open lagoons with private boat docks. Both projects are scheduled for delivery within two years. Behind these community-focused developments is a research-led initiative, 'Keys of Life', revealing insights into the evolving needs and aspirations of people around the world. Findings from the initiative help inform the town's evolving design and offerings with an aim to elevate customer experiences. El Gouna Plus, one of the town's community offerings, provides comprehensive property management services, making ownership hassle-free. This includes maintenance, landscaping, security, and rental management for investors seeking short-term rental income (2-8% ROI). The service ensures properties are well-maintained and marketed effectively, maximising returns for absentee owners. Owners also receive an 'Owners Card,' granting discounts at restaurants, access to hotel pools and beaches, and other perks, enhancing the lifestyle and investment value. El Gouna is a pioneer in sustainability, integrating eco-friendly practices into its development. Initiatives include solar energy projects, water recycling systems, and eco-conscious transportation like electric tuk-tuks. The town's 'Green Gouna' program promotes waste reduction, energy efficiency, and sustainable building materials, ensuring a low environmental footprint while maintaining luxury. These efforts appeal to environmentally conscious investors and enhance the town's long-term appeal. Travelling to El Gouna from Bahrain and other Gulf countries is straightforward, with Hurghada International Airport serving as the gateway, and airlines like Emirates, Flydubai, and EgyptAir offering regular services. With tickets for a round-trip costing $400-$600 (depending on the departure port), El Gouna is a 30-minute transfer by taxi or shuttle from Hurghada Airport. A tourist visa is required if you're not a citizen of the US or the UK. Check your visa-on-arrival eligibility before travelling to El Gouna. El Gouna offers a luxurious lifestyle. It also offers strong rental yields and capital appreciation for property owners due to ongoing development and high demand from international visitors. Its unique blend of modern amenities, natural beauty, and eco-conscious growth makes it a standout choice for investors from the Gulf and beyond. With straightforward purchasing processes for foreigners and robust property management, El Gouna could be both a dream home and/or a savvy investment. For more information, visit
Gulf Insider
12-06-2025
- Business
- Gulf Insider
El Gouna Unveils Newest Red Sea Addresses During UAE Showcase
El Gouna, the striking coastal town on Egypt's Red Sea, took centre stage in the UAE during a special showcase by Orascom Development. The showcase, part of the 4th Annual Private Wealth Middle East Forum, introduced two of El Gouna's latest waterfront real estate projects: Fanadir Shores and North Bay. Designed to offer a laid-back coastal lifestyle, the projects were unveiled at an evening reception where regional investors, partners, and industry leaders had gathered. Fanadir Shores features 57 residential units along a private lagoon with direct access to the Red Sea, while North Bay offers larger standalone villas and penthouses set around open lagoons and boat docks. Both projects are scheduled for delivery within two years. El Gouna, Egypt (Supplied) El Gouna, Egypt (Supplied) Fanadir Shores is located beside Fanadir Marina and La Maison Bleue Boutique Hotel. The development includes seven low-rise buildings offering 2- to 4-bedroom apartments (averaging 220 sqm), each designed to maximise sea views and promote sustainable living. La Maison Bleue Boutique Hotel (Supplied) Fanadir Marina (Supplied) North Bay's newest phase, Highland , features villas, duplexes, and penthouses with architectural design by Victor Legorreta. Prices range from $1.8M to $3.2M depending on unit size. A central feature of this neighbourhood is The Pavilion , a public space designed to host community events and social gatherings. El Gouna delivered 371 units in 2024 and is on track to deliver 410 units in 2025. In the same year, Orascom Development recorded real estate sales of USD 905 million, up 16.1% from the previous year including USD 274 million from El Gouna alone, marking an 11.6% year-on-year rise. With over 35 years of experience developing destinations across Europe, the Middle East, and North Africa, Orascom Development leveraged the UAE event to present its wider vision for placemaking. Attendees experienced El Gouna virtually through an immersive VR showcase. El Gouna – Red Sea Diving (Supplied) El Gouna, Egypt (Supplied) Omar El Hamamsy, Group CEO, commented: '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.' Mohamed Amer, CEO of El Gouna by Orascom Development, added: '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. Fanadir Shores and North Bay mark the next chapter in [Orascom Development's] legacy, bringing our distinct blend of lifestyle, sustainability, and unique architecture to live by the beautiful Red Sea.'
Zawya
03-06-2025
- Business
- Zawya
Orascom Development Egypt announces changes in its executive board members
Cairo – Orascom Development Egypt (ODE) announces that Mohamed Amer, the current CEO of El Gouna, has joined ODE's board of directors as an executive board member. Additionally, the Board appointed Ashraf Nessim as Managing Director for Finance and Operations and Mohamed Amer as Managing Director for Commercial Activities. The board has also accepted the resignation of Omar El Hamamsy from his position as Managing Director and Chief Executive Officer. Omar El Hamamsy will transition to serve as the Advisor to the Chairman of Orascom Development Holding AG (ODH) in Switzerland, leading strategic projects alongside the Chairman through March 2026. The Board of Directors of ODE, in conjunction with Naguib S. Sawiris, the Chairman of Orascom Development Holding AG (ODH), the major shareholder of ODE, would like to take this opportunity to extend their sincere gratitude and appreciation to Omar for his unwavering dedication and exemplary leadership over the past five years. During his tenure, the company has undergone remarkable growth and institutionalization, successfully navigating the complex landscape of the real estate and hospitality sectors. Ashraf Nessim has served as the Group Chief Financial Officer of Orascom Development Holding (ODH) since 2017 and as the Chief Financial Officer of its largest Egyptian subsidiary, Orascom Development Egypt (ODE), since 2012. He oversees financial strategies and is part of the Executive Management team. With over 25 years of experience in finance, infrastructure, and hospitality, Nessim previously served as Chief Financial Officer at Beltone Private Equity and Mobiserve. He also established operations for Raya Distribution in Algeria and managed Nokia and Samsung stores in Egypt from 2004 to 2006. Nessim holds a bachelor's degree in mechanical engineering and earned his CFA designation in 2004. Mohamed Amer joined Orascom Development as the CEO of El Gouna in May 2022. Prior to this role, he spent 22 years at Xerox, most recently serving as VP and Regional General Manager for the Middle East and Africa, based in the UK. Before that, he was responsible for managing the region's operations, business growth, and profitability, as well as overall strategy development and execution across all 85 countries. Prior to the aforementioned roles, Amer was Regional General Manager for Xerox Distributor Group in Miami, Florida, United States, and was responsible for 34 countries in the Caribbean, Central America, and South America. Amer holds a bachelor's degree in business administration from Alexandria University in Egypt. About Orascom Development Egypt (ODE): Orascom Development Egypt is the largest subsidiary under Orascom Development Holding (ODH), a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa. For more than 30 years, Orascom Development Holding 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 O West's modern and integrated town living in the heart of West Cairo's Sixth of October, each master-planned community is a testament to ODE's commitment to placemaking at its finest. Other integrated towns in Egypt include Makadi Heights near the Red Sea, Taba Heights on the Sinai Peninsula, and Byoum in Fayoum. ODE owns a land bank of more than 50 million square meters, with nearly 28% developed or under development. ODE's hospitality portfolio includes 24 premium and luxury hotels with more than 4,900 rooms in Egypt. ODE shares are listed on the Egyptian Stock Exchange (EGX).
Zawya
03-06-2025
- 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)
