Arab Finance: Real estate investors based abroad have controlled 37% of Orascom Development Holding’s (ODH) sales, the firm’s CEO Amr El Hamamsy told Asharq Business.
Moreover, he said that the company is setting up sales offices in the Gulf, the USA, and Europe due to the high demand in these regions.
The company is currently carrying out five local projects in El Gouna and Cairo, in addition to other real estate projects in seven countries, El Hamamsy noted.
He added that the company owns hotels with a total capacity of 5,000 rooms, with 2,500 rooms in El Gouna and the remaining rooms in Taba.
El Hamamsy pointed out that the Gaza-Israel conflict has completely disrupted activities in Taba, while hotel occupancy rate in El Gouna rose by 72% year on year in 2023.