Thursday March 28th, 2024
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Orascom Signs USD 151 Million Deal for New El Gouna Development

The deal also includes 24 environmental permits, which will allow Orascom to pursue as many environmental projects in El Gouna.

Cairo Scene

Orascom Signs USD 151 Million Deal for New El Gouna Development

Orascom Development Egypt has signed a USD 151 million deal to acquire a land bank in El Gouna from the Egyptian government. The master agreement includes a plan to develop the land bank, and allow Orascom to create 1,000 hotel rooms every 10 years and develop around 1.2 million square metres of connected lagoons.

The lagoon system will be connected to the Red Sea through two new canals, with the aim of improving water quality in Orascom's projects.

The deal also includes 24 environmental permits, which will allow Orascom to begin as many environmental projects in El Gouna.