Orascom Development Holding AG : DGAP-Adhoc: Orascom Development & Management, a subsidiary of Orascom Development, agrees to terminate a development management agreement with Nasr City Housing

Monday, 16 January 2012

Adhoc News

DGAP-Adhoc: Orascom Development & Management, a subsidiary of Orascom Development, agrees to terminate a development management agreement with Nasr City Housing

Orascom Development Holding AG / Key word(s): Contract

16.01.2012 06:55

Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Orascom Development & Management, a subsidiary of Orascom Development,
agrees to terminate a development management agreement with Nasr City
Housing

Altdorf/Cairo, 16 January 2012 - Orascom Development Holding AG (Orascom
Development) announces that a joint decision was reached between Orascom
Development & Management and Nasr City Housing, an Egyptian listed real
estate company, to mutually terminate the development agreement for Tigan
primary residence project, in light of the recent changes in the real
estate industry and the unsuitable timing to launch a huge and luxurious
housing project on a 3.5 million square meter of land.

Information and Explaination of the Issuer to this News:

About the Group

Orascom Development Holding AG (Orascom Development) is a leading developer
of fully integrated towns that include hotels, private villas and
apartments, leisure facilities such as golf courses, marinas and supporting
infrastructure. Orascom Development's diversified portfolio of projects is
spread over nine jurisdictions, with primary focus on touristic towns and
recently affordable housing.

Orascom Touristic Establishments (OTE) was established in 1989 setting the
first step in building the Group's track record in the development of
integrated towns. After some name changes and reorganization, the main
business was held under Orascom Hotels & Development (OHD). Since the
settlement of the public exchange offer by Orascom Development for OHD,
Orascom Development became the new parent of OHD. Orascom Development has a
dual listing, with a primary listing on the main board of the SIX Swiss
Exchange (ISIN: CH0038285679) and a secondary listing on the EGX Egyptian
Exchange (ISIN: EGG676K1D011). In December 2009, the Group modified its
secondary listing on the EGX. While the Group's shares had previously been
trading on both the SIX and the EGX in Swiss Francs, Orascom Development at
that time procured the issuance and listing of Egyptian Depositary Receipts
(EDRs; each EDR representing 1/20 of the Group's share) which are currently
trading on the EGX in Egyptian pounds. The objective of this modification
is to improve trading and liquidity on the EGX.

Today, Orascom Development operates in nine jurisdictions (Egypt, Jordan,
UAE, Oman, Switzerland, Morocco, United Kingdom, Montenegro and Romania)
and is continuously seeking development opportunities in untapped yet
attractive locations all over the world. The Group has four existing
projects: El Gouna, the flagship project, a fully-fledged town on the Red
Sea coast (Egypt). Taba Heights, on the Sinai Peninsula (Egypt), is the
Group's second tourism destination following El Gouna's business model. The
Cove (Ras Al Khaimah, UAE) is the Group's first development experience
outside Egypt. Haram City, an integrated town dedicated to affordable
housing in Egypt, catering for the mass population.

For further information, please contact:
Orascom Development Holding AG
Mamdouh Abdel Wahab
Director Investor Relations
Tel: [phone]
[phone]
Email: [e-mail]

Orascom Development Holding AG
Swiss Media Office
Philippe Blangey
Tel: [phone]
Email: [e-mail]

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Language: English
Company: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Switzerland
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Internet: www.orascomdh.com
ISIN: CH0038285679
Swiss Security Number: A0NJ37
Listed: SIX

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