Orascom Development Holding AG
Orascom Development Holding AG: signs a preliminary contract with the Government of Montenegro for the long-term lease of the ‘Lastavica Island’ with the ‘Mamula Fortress’ in the Bay of Kotor, Montenegro.
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Press Release Orascom Development signs a preliminary contract with the Government of Montenegro for the long-term lease of the “Lastavica Island” with the “Mamula Fortress” in the Bay of Kotor, Montenegro. Altdorf/Cairo, 25 February 2015 -Orascom Development Holding AG (ODH) and Montenegro’s Minister of Sustainable Development and Tourism, Mr. Branimir Gvozdenović, signed in Podgorica, Montenegro, a preliminary contract for the long-term lease of the “Lastavica Island” with the “Mamula Fortress” which is located in the Bay of Kotor, Montenegro (the “Mamula Project”). The preliminary contract which is currently pending approval from the Parliament of Montenegro, as well as the final confirmation from the Government, provides for a 49-year lease period. The investment in the Mamula Project is planned to take place via a joint venture company for which financing has been fully secured between Mr. Samih O. Sawiris and ODH. The Mamula Project’s location at the entrance of the Bay of Kotor is very strategic to ODH’s Lustica Bay Project in Montenegro, ultimately creating several synergies between the two destinations. It will be the first and only island “hotel/spa/leisure” destination in Montenegro and as a flagship destination it will highly contribute to ODH’s Lustica Bay Project. Furthermore, it will also provide as an exclusive beach get-away resort to Lustica Bay’s residents and guests. Once the Parliament of Montenegro approves the long-term lease contract, the project should be implemented within 18 months after the construction permit is obtained. The project will definitely add to the economic benefits of Montenegro as it is expected to create around 200 new jobs and bring EUR 7.5 million of revenue for the Montenegrin state over a 15-year period.
About Orascom Development Holding AG Orascom Development 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. Orascom Development’s diversified portfolio of destinations is spread over eight jurisdictions (Egypt, UAE, Jordan, Oman, Switzerland, Morocco, Montenegro and United Kingdom), with primary focus on touristic destinations. The Group currently operates seven destinations; three in Egypt El Gouna, Taba Heights, and Makadi, The Cove in United Arab Emirates , Jebel Sifah and Salalah Beach in Oman and Andermatt in Switzerland. Orascom Development has a dual listing, with a primary listing on the SIX Swiss Exchange and a secondary listing on the EGX Egyptian Exchange. Contact for Investors: Disclaimer & Cautionary Statement End of ad hoc announcement 2015-02-25 News transmitted by EQS Schweiz AG. www.eqs.com – news archive: http://switzerland.eqs.com/de/News The issuer is responsible for the contents of the release. |
Language: | English | |
Company: | Orascom Development Holding AG | |
Gotthardstraße 12 | ||
6460 Altdorf | ||
Switzerland | ||
Phone: | +41 41 874 17 17 | |
Fax: | +41 41 874 17 07 | |
E-mail: | ir@orascomdh.com | |
Internet: | www.orascomdh.com | |
ISIN: | CH0038285679 | |
Valor: | A0NJ37 | |
Listed: | Foreign Exchange(s) SIX | |
End of News | EQS Group News-Service |
326529 2015-02-25 |