Orascom Development sells land in El Gouna to Mangroovy for Hotels for LE104.8M

CAIRO – 5 August 2020: Orascom Development signed a land sale agreement with “Mangroovy for Hotels” for LE 104.8 million ($6.6 million).

Under the agreement, “Mangroovy for Hotels” will buy 40,654.5 m2 of land in El Gouna, as an extension for its project. 

The company clarified that the land plot will encompass different types of services to serve residences and guests. 

“The land plot is located within the vicinity of the Mangroovy Residence project and considered an integral part of the overall development,” it noted.

“This transaction concurs with the Group’s strategy of identifying strategic uses for its land bank, while speeding up its monetization and unlocking its hidden value to the market,” ODE's ad-interim CEO Abdelhamid Abouyoussef commented.

Orascom Development Egypt recorded a 41-percent- increase of its profits during 2019, hitting LE 705.19 million in 2019, compared to LE 500.19 million, including minority rights, in 2018. 

Orascom Development Egypt operates within the consumer services sector focusing on hotels, resorts and cruise lines with 52 subsidiaries operating across Northern Africa, Middle East and southern Europe.