Adhoc News
DGAP-Adhoc: Orascom Development signs two management agreements with Four Seasons Hotels and Resorts
Orascom Development Holding AG / Key word(s): Contract
09.09.2010 17:41
Release of an ad hoc announcement pursuant to Art. 72 KR
Press Release
Orascom Development signs two management agreements with Four Seasons
Hotels and Resorts
Four Seasons Hotels and Resorts to manage two hotels in Jebel Sifah (Oman)
and El Gouna (Egypt).
Altdorf/Cairo, 9 September 2010 - Orascom Development (Orascom Development
Holding AG) announces the signing of two management agreements with Four
Seasons Hotels and Resorts. In Oman, Four Seasons Resort Oman at Jebel
Sifah will offer 200 rooms and 75 residential units, and is expected to be
operational during 2013. Four Seasons Resort Oman is yet another addition
to the master planned resort project, which firmly establishes the
development as the Gulf's newest luxury resort destination. Orascom
Development owns 70% of Jebel Sifah's development company Muriya Tourism
Development (Muriya), which was established in the Sultanate of Oman during
March 2006 as a joint venture between the Group and Omran, the Government
of Oman's tourism development company and investment arm.
In El Gouna, Orascom's flagship town, Four Seasons plans to open its second
resort in Egypt. Four Seasons Resort El Gouna will offer 150 rooms and 65
residential units, with a target opening of 2014. The presence of the Four
Seasons brand reinforces El Gouna's positioning as the premiere Red Sea
destination, and is expected to generate additional real estate development
opportunities within the town.
'Four Seasons is delighted to be working with Orascom, who has established
a track-record as a highly experienced and professional developer. Our
mutual commitment to develop resorts in both of these destinations will
establish a long-term competitive advantage for both organizations in these
markets. We look forward to the opening of both our Oman and El Gouna
resorts in the near future, and to continuing to explore new opportunities
with Orascom.'
- Scott J. Woroch, Executive Vice President Worldwide Development
Four Seasons Hotels and Resorts
Information and Explaination of the Issuer to this News:
About the Group
Orascom Development Holding AG (Orascom Development) is a leading developer
of fully integrated towns that include hotels, private villas and
apartments, leisure facilities such as golf courses, marinas and supporting
infrastructure. Orascom Development's diversified portfolio of projects is
spread over nine jurisdictions, with primary focus on touristic towns and
recently affordable housing.
Orascom Touristic Establishments (OTE) was established in 1989 setting the
first step in building the Group's track record in the development of
integrated towns. After some name changes and reorganization, the main
business was held under Orascom Hotels & Development (OHD). Since the
settlement of the public exchange offer by Orascom Development for OHD,
Orascom Development became the new parent of OHD. Orascom Development has a
dual listing, with a primary listing on the main board of the SIX Swiss
Exchange (ISIN: CH0038285679) and a secondary listing on the EGX Egyptian
Exchange (ISIN: EGG676K1D011). In December 2009, the Group modified its
secondary listing on the EGX. While the Group's shares had previously been
trading on both the SIX and the EGX in Swiss Francs, Orascom Development at
that time procured the issuance and listing of Egyptian Depositary Receipts
(EDRs; each EDR representing 1/20 of the Group's share) which are currently
trading on the EGX in Egyptian pounds. The objective of this modification
is to improve trading and liquidity on the EGX.
Today, Orascom Development operates in nine jurisdictions (Egypt, Jordan,
UAE, Oman, Switzerland, Morocco, United Kingdom, Montenegro and Romania)
and is continuously seeking development opportunities in untapped yet
attractive locations all over the world. The Group has four existing
projects: El Gouna, the flagship project, a fully-fledged town on the Red
Sea coast (Egypt). Taba Heights, on the Sinai Peninsula (Egypt), is the
Group's second tourism destination following El Gouna's business model. The
Cove (Ras Al Khaimah, UAE) is the Group's first development experience
outside Egypt. Haram City, an integrated town dedicated to affordable
housing in Egypt, catering for the mass population.
Four Seasons Hotels and Resorts
Four Seasons is dedicated to perfecting the travel experience through
continual innovation and the highest standards of hospitality. From
elegant surroundings of the finest quality, to caring, highly personalised
24-hour service, Four Seasons embodies a true home away from home for those
who know and appreciate the best. The deeply instilled Four Seasons
culture is personified in its employees - people who share a single focus
and are inspired to offer great service. Founded in 1960, Four Seasons has
followed a targeted course of expansion, opening hotels and residences in
major city centres and desirable resort destinations around the world.
Currently with 82 properties in 35 countries, and more than 40 projects
under development, Four Seasons continues to lead the hospitality industry
with innovative enhancements, making business travel easier and leisure
travel more rewarding. For more information on Four Seasons, visit
press.fourseasons.com
For further information, please contact:
Orascom Development Holding AG
Mamdouh Abdel Wahab
Director Investor Relations
Tel: +41 79 846 55 60
+20 12 315 32 00
Email: ir@orascomdh.com
Swiss Media Office
Philippe Blangey
Tel: +41 41 874 17 11
Email: media@orascomdh.com
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09.09.2010 17:41 News transmitted by EquityStory AG.
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Language: English
Company: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Schweiz
Phone: +41 41 874 17 11
Fax: +41 41 874 17 12
E-mail: ir@orascomdh.com
Internet: www.orascomdh.com
ISIN: CH0038285679
Swiss Security Number: A0NJ37
Listed: Foreign Exchange(s) SIX
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