Egypt’s Orascom Hotels and Development announced on Tuesday that two subsidiary companies, Taba Heights and Taba Hotels, have signed an agreement with the General Authority for Red Sea Ports to manage Taba port.
The company added in a statement to the stock exchange that according to this agreement, a new company has been established and operate Taba Heights port or any similar activities in any other location under the name of “Taba and the Red Sea ports management”
The new company’s capital will be EGP one million and the General Authority for Red Sea Port will have a 51% contribution while Taba heights will have a 48% stake and Taba Hotels will have 1% stake.
Orascom Development Holding AG is a holding company that subsidiary develops hotels, offers real estate, infrastructure, leisure services, and builds and operates vacation resorts. It is headed by Samih Sawiris, one of Onsi Sawiris’s sons.