Arab Finance: Orascom Development Egypt (ODE) has sold a 145,266-square-meter land plot in El Gouna for EGP 1.54 billion, as per a statement on July 2^nd.

The plot was sold at roughly 15 times its book value at EGP 101 million.

The land plot is located at the backend of El Gouna’s developed area.

“This successful transaction is part of ODE's strategic initiative to enhance value creation through selective land sales and land development aimed at accelerating the monetization of its land bank,” the statement read.

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