Orascom Development: Contracted Sales In Egypt Hit $16.6 Mln In H1/2012

Orascom Development Holding AG (Orascom Development) – ODH (ODHN.CA) said for the projects in Egypt as a total, the Group has achieved CHF 15.9 million ($16.62 million) of contracted sales, compared to CHF 14.8 million a year earlier.

ODH mentioned that the overall demand for holidays in Egypt picked up during H1/2012 which was beneficial for its tourist destinations on the Red Sea.

Moreover, ODH added that the perceived uncertainties surrounding the security situation on the Sinai Peninsula had a negative impact on Taba Heights’s hotel performance.

ODH’s business results for H1/2012 reported a net loss – after taxes – of CHF 27.685 million, compared to CHF 15.798 million during H1/2011.

In El Gouna a further milestone to develop ODH’s destination will be reached when the Technial University of Berlin (TU Berlin) opens a satellite campus in October 2012 which will offer three master degree courses.