Orascom Development Holding AG / Alliance/Joint Venture
15.09.2009
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Orascom Development enters into an agreement with Imerys to develop an
integrated 'Eco-town' covering a total area of 6.82 million square meters
in Cornwall, United Kingdom, marking its second integrated development
project in Europe.
Altdorf/Cairo, 15 September 2009 - Orascom Development Holding AG (Orascom
Development) announces its plans to establish a new joint venture with
Imerys, a multinational industrial minerals company, to develop an
integrated 'Eco-town' on a total area of 6.82 million square meters in
Cornwall, United Kingdom. Orascom Development will retain a majority stake
of 75% in this joint venture while Imerys will hold the balance.
Imerys, a publicly traded company with a primary listing on Euronext Paris,
is a global player in producing and transforming industrial minerals. The
Cornwall project has already received 'Eco-town' accreditation from the UK
Government with Imerys being the sole private sector company to be awarded
such an accolade in the United Kingdom. The project is planned to offer a
mixed portfolio of real estate units, including affordable housing and
upscale residential units as well as leisure and recreational facilities (a
hotel and marina) plus a range of commercial developments aimed at job
creation in the region. The planning process will be initiated and the
first phase of the project is expected to be completed within the next 5
years.
This project is a further capitalization on Orascom Development's
integrated development model, under which fully fledged towns offering
hotels, residential units, leisure facilities such as town centers, golf
courses and other community amenities are developed. This latest addition
expands the group's portfolio to approximately 134 million square meters
spreading over 8 countries.
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 seven jurisdictions, with primary focus on touristic towns and
recently affordable housing.
Orascom Touristic Establishments (OTE) was established in1989 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 (Switzerland) and a secondary listing on the EGX (Egypt Stock
Exchange). The company's shares are fully fungible (with the same ISIN
code) and can be traded on both stock exchanges in Swiss Francs.
Today, Orascom Development operates in seven jurisdictions (Switzerland,
Egypt, Oman, Morocco, UAE, Mauritius, Jordan) 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.
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
15.09.2009 |[![CDATA[|[a href="http://www.dgap.de"|]Financial News transmitted by DGAP|[/a|]]]|]
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Language: English
Company: Orascom Development Holding AG
GotthardstraÃe 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
WKN: A0NJ37
Listed: Foreign Exchange(s) SWX
End of News DGAP News-Service
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