Orascom Development To Inject $80 Mln In 7-Star Hotel In Aswan

Orascom Development Holding AG (ODH) (ODHN.CA) is gearing up to invest $80 million in a seven-star hotel on Amoun Island in Aswan.

On the sidelines of inaugurating the Technische Universität Berlin (TUB) in El Gouna, Samih Sawiris, ODH Chairman, said that his company is currently in talks with government authorities to remove violations on the Island.

ODH had previously contracted with the government to utilize the Island in partnership with Egyptian General Organization for Tourism and Hotels (EGOTH) under the usufruct system.

Meanwhile, Sawiris ruled out terminating the contract with EGOTH.

Mubasher