Orascom Development sells EGP 104.8 mn land plot in El Gouna to Mangroovy Hotels

Orascom Development Egypt has sold a 40k sqm plot of land in El Gouna to Mangroovy Hotels for 104.8 million Egyptian pounds.

Mangroovy will use the plot to provide “different types of services” for people living at its Mangroovy Residence project.

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

Abdelhamid Abouyoussef, ODE’s ad-interim CEOcommented: “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.”