Ad hoc announcement pursuant to Art. 53 LR.
Press Release

Makadi Heights Company receives notification from the Egyptian Tourism Development Authority (TDA) regarding reduction of land plot for development.

Altdorf, 26 January 2022 - On 25 January 2022, Makadi Heights for Tourism Development Company (Makadi Heights), an indirect subsidiary of Orascom Development Holding (ODH), received a letter from the Egyptian Tourism Development Authority (TDA) regarding its 3.75 million square meter (sqm) land plot located in the Makadi area.

In its letter, the TDA informed Makadi Heights of a reduction of the 3.75 million sqm land previously allocated to Makadi Heights for development by 1.75 million sqm. Thus, the total remaining land allocated for development would stand at 2.0 million square meters. The 1.75 million sqm land plot has a book value of CHF 700,000 and represents 1.72% of the total land bank of the Orascom Development group, which is comprised of 101.4 million sqm of land as of the end of 2021.

The 3.75 million sqm land area was acquired in 2009 by virtue of an allocation decree and the price of the land was paid in full.

ODH intends to file a formal petition requesting reconsideration of the TDA's decision to preserve the company's rights and will continue to update its shareholders and the market on any relevant developments as they occur.

About Orascom Development Holding (ODH):

ODH is a leading developer of fully integrated destinations that include hotels, private villas and apartments, leisure facilities such as golf courses, marinas and supporting infrastructure. ODH's diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations. ODH currently operates nine destinations: four in Egypt (El Gouna, Taba Heights, Makadi Heights and Byoum), The Cove in the United Arab Emirates, Jebel Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro, and Andermatt in Switzerland. The shares of ODH are listed on SIX Swiss Exchange. ODH recently launched O West, the latest addition to its portfolio and its first project in Cairo, Egypt, located in the Sixth of October City.

Contact for Investors:
Sara El Gawahergy
Head of Investor Relations & Strategic Projects Management
Tel: +202 246 18961
Tel: +41 418 74 17 11
Mob: +41 79 156 78 49
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Partner
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch
 

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