Cairo – Orascom Development Egypt (ODE) is pleased to announce the sale of 145,266 sqm of land in El Gouna for EGP 1.54 billion (USD 225/sqm). The land sale, executed at roughly 15 times its book value of EGP 101 million, marks a significant milestone for ODE as it represents the most extensive land sale in El Gouna since 2015. Notably, this land plot is situated at the backend of El Gouna’s developed area.
This successful transaction is part of ODE’s strategic initiative to enhance value creation through selective land sales and land development aimed at accelerating the monetization of its land bank. This is a critical element of ODE’s short and medium-term growth strategy. ODE possesses numerous assets with substantial hidden value, maintained at book value in the company’s financial statements, which are not adequately reflected in ODE’s stock price. This signed agreement underscores Orascom Development’s ongoing commitment to its corporate strategy and represents a significant achievement, highlighting its dedication to delivering value for its stakeholders.
Ahmed Abou El Ella
Group Head of Investor Relations
