Egypt- Orascom to pump EGP 2.5bln into its projects this year: CEO
Orascom Development Holding (ODH) intends to pump investments of 2.5 billion Egyptian pounds ($146 million) into the company’s projects during the current year including construction work, its CEO Khaled Bichara.
Bichara added that ODH has total land portfolio of 43 million metre squre including O WEST, Makadi Heights and El Gouna.
He also explained that El Gouna project has an area of 36 million m2, of which 14 million m2 have been developed and 22 million meters have not yet been developed. The Makadi Heights project is located on an area of 3 million square metres, of which 500 thousand square meters have been developed and the rest has not yet been developed.
OHD has also entered into a partnership with the New Urban Communities Authority (“NUCA”) to develop O West on an area of 4 million metre square, in addition it will start the project development during the current year.
He pointed out that his company aims to implement cities and integrated urban communities as it seeks to expand in the implementation of housing projects.
According to the company’s business results showed a net profit of 111.332 million pounds during the first quarter of this year, compared to 83.087 million pounds with a 34% growth rate. While, the company’s revenues increased during the same period to 837.646 million pounds compared to 654.910 million pounds during the same period.
Net real estate sales rose by 282.8% to 1.5 billion pounds during the first quarter of 2019 compared to 397.6 million pounds in the corresponding period.