Tuesday, 07 December 2021 09:58 GMT

Egypt’s Orascom Development aims to sell assets to enhance development

(MENAFN) According to Egypt’s Orascom Development Holding (ODH) chief executive, the company is discovering opportunities such as joint ventures to expand huge parts of its underdeveloped land bank.

Based on an interview with Omar El Hamamsy on the sidelines of Cityscape in Dubai, the property and hospitality firm is also planning to sale part of its possessions to make extra funds needed to deleverage its balance sheet.

He added that ODH aims to sell shares in assets involving hotels, retail complexes, marinas, golf courses, hospitals as well as infrastructure liked to joined destinations it constructs, and is “constantly” in discussions with stockholders.

El Hamamsy said, “many of our hotels are owned by us … and co-owned by strategic investors, and we will be looking over the course of the next couple of years to further divest and deleverage our ownership.”

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