Orascom Development Establishes a New Hotels Asset Management Subsidiary

In line with the company’s strategy of optimizing internal processes, enhancing performance and increasing efficiency, Orascom Development (ODHN) is establishing a joint venture with Abdelhamid Abouyoussef under the name of ‘Orascom Hotels Management’ (OHM) to asset manage the entire Group’s hotels.

The company will be 75% owned by Orascom Development and 25% owned by Abdelhamid Abouyoussef who will also be the Managing Partner of OHM.

The new established company OHM will be an additional tool to optimize value in the hotels business segment, utilizing Abdelhamid’s hotels management experience and know-how to further strengthen the segment’s
capacity and performance.

Abdelhamid Abouyoussef holds a bachelor degree in mechanical engineering from the American University in Cairo and a master’s degree from the University of California at Berkeley with 15 yrs of experience in the fields of hotel construction and management. Abouyoussef is an owner of 1,600 hotel rooms throughout Egypt (Sharm El Sheikh, Marsa Alam, Alamein and the Baharia Oasis in the western desert) and of a travel agency handling over 100,000 tourists per year.