Orascom Development Egypt to sell entire stake in New City Housing and Development for $8.2m
Decision is in line with company’s non-core assets divestment strategy
Orascom Development Holding, the developer of integrated towns with a strong foothold in the Middle East region, has said that its Egyptian unit – Orascom Development Egypt (ODE) is set to sell its entire stake in New City Housing and Development (formerly known as Orascom Housing Communities) for $8.2 million.
In a statement, Orascom Development Holding explained that the ODE move to offload the New City Housing & Development stake comes in line with the company’s non-core assets divestment strategy to optimise its portfolio and enable it to further prioritise and reinforce efforts in its core business areas.
New City Housing & Development is the first Egyptian company to focus on the development of high-quality affordable housing units within sustainable and fully integrated townships in Egypt.
At present it owns two projects – one in the 6th of October area 20 km west of Egyptian capital Cairo and the other at Qena governorate.
Launched in 2007, the 6th of October project spans over 2.6 million sqm of land and is now home to more than 40,000 residents. An integrated development, it boasts key community facilities including schools, clinics, worship houses and sporting facilities among many other amenities.
The second project spans over 0.8 million sqm of land in the Qena Governorate in Upper Egypt, providing affordable housing units.
Orascom Development Holding 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.
Its diversified portfolio of destinations is spread over 7 jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and United Kingdom), with primary focus on touristic destinations.
