(2017-05-25) Orascom is running residential project with $25 m sales Orascom Hotels & Development (ORHD) will start construction work of a residential project in Hurghada in the second half, according to investment relations manager at Orascom Sara Al Gawahergy.
The project is planned to be completed by year end and will expectedly generate sales of USD 25mn, she explained, giving no further information.
OHD continues to implement its expansion plan in the current year through running real estate projects in El Gouna and Fayoum, driven by operational performance boom since the beginning of the current year.
OHD’s has made significant strides in operational performance during the first quarter of the current year, which led to bringing in net profit of EGP 76mn compared to loss of EGP 118mn for the same period a year ago.
Orascom Development has become one of the biggest hotel owners and operators in the MENA region. With its newly introduced asset management subsidiary, Orascom Hotel Management, the Group is set to better capitalize on its hotel portfolio encompassing 30 hotels and more than 8,000 guest rooms dispersed across Egypt, Jordan, Oman, UAE and, lately, Switzerland. Over the course of its 25 years of operation.
Orascom has established a name as a hotel management company managing 69% of its inventory. The Group is also partner with a number of reputable hotel management companies among them Accor, Club Med, InterContinental, GHM, Mövenpick, Rotana and Starwood.
