September 30, 2022

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Egypt's Orascom opens its first international headquarters in Dubai

Egypt’s Orascom opens its first international headquarters in Dubai

Omar al-Hamasi, CEO of Egyptian Orascom Development, said, “Dubai will become the hub for the company’s international operations in the world and region.”

During a press conference yesterday in connection with the opening of the company’s first international sales headquarters in Dubai, he expected a number of international deals to be reached in the real estate sector.

“One of the functions of the new headquarters will be to manage the company’s sales in real estate and tourism investment, as well as its projects in Egypt, Oman, Morocco, Switzerland, the United Kingdom and Montenegro,” he said.

Meeting place

Al-Hamasi continued: “We are pleased to open our first international sales office in Dubai to manage our sales in our integrated cities and projects in six countries.

“Dubai has been selected as the best real estate investment destination for residents by 2022, in addition to the UAE’s leadership worldwide, as a meeting point for more than 200 national races living on its lands,” he explained.

Quantum flow

Al-Hamasi pointed out that Orascom has recorded a quality leap, which is considered to be the highest in its history, as it was able to reach a peak real estate sales of $ 717.4 million by 2021, an increase of 57.7%. Compared to the 2020 financial year.

He added, “With the Swiss target of $ 131.7 million in real estate sales by 2021, the company’s total sales have reached $ 849.1 million.”

Extensive experience

Al-Hamasi said: “We have over 33 years of extensive experience in building cities, and this time (Orascom Development) strategy is based on transforming unused areas and lands from desert or fields into integrated vibrant cities. Cities are integrated and equipped with facilities, requirements and infrastructure to meet the diverse needs of individuals, as well as the use of environmental sustainability standards, such as schools, hospitals, shopping centers, sports clubs and other basic services. Activities and benefiting from clean and renewable energy sources. “

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He pointed out that fluctuations in the price of the Egyptian pound have opened the way for real estate purchases, considering it one of the most valuable assets.

Project portfolio

Orascom owns a large portfolio of projects in the UAE, including the Cove Rotana Resort project, which was completed and distributed over an area of ​​300,000 square meters, and is one of the group’s performance hotel targets as the occupation rate increases in 2021. It will increase by 34.1% in 2021 to 55% compared to 2020.

“Govit-19” saw hotel recovery from the tourist recovery and travel return from the epidemic.

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