Orascom Development’s Omani Marina Project Sales Hit $9.8 Mln

Orascom Development Holding AG (Orascom Development) – ODH (ODHN.CA) said the Group has sold during the first half of 2012 around 13 real estate units with a value of CHF 9.4 million ($9.83 million) in its Marina project in Oman’s Jebel Sifah.

ODH noted that its Marina project is completed and the Group secured financing for the Rotana hotel (399 rooms) which is expected to be operational in the coming years.

In the meanwhile, the first months of operations of the Juweira hotel were successful and resulted in an average occupancy rate of 42%.

Elsewhere, ODH’s unaudited consolidated business results reported a net loss – after taxes – of CHF 27.685 million ($28.94 million) during H1/2012, compared to CHF 15.798 million during H1/2011.