Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Altdorf, September 10, 2018 - Taba Heights, our destination in Sinai has successfully signed a deal with Itaka; the Polish tour operator which will be sending two planes a week, every Wednesday "back to back", to Taba International Airport. Planes are scheduled to start from the 7th of November 2018 until the 1st of May 2019. Tourists will be coming from Poland and Lithuania. During this period Taba Heights is expected to have 10,500 room nights filled from this operator on top of current business.
The same operator is also planning to add two more planes from the Czech Republic during 2019, which in total would potentially increase their contribution to Taba Heights room nights to 45,000.
The Group is successfully on track to achieve a break-even scenario in Taba Heights for 2018, with the planned flights stated above we will aiming for a positive GOP result in 2019. It is also worth mentioning that in 2010, Taba Heights used to bring an Adjusted EBITDA of USD 20 million a year to the Group.
About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) 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 seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates ten destinations; five in Egypt (El Gouna, Taba Heights, Fayoum Makadi, and Harram City), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in Switzerland. The shares of Orascom Development Holding (ODH) are listed on the SIX Swiss Exchange.
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|Company:||Orascom Development Holding AG|
|Phone:||+41 41 874 17 17|
|Fax:||+41 41 874 17 07|
|Listed:||SIX Swiss Exchange|
|End of Announcement||EQS Group News Service|