Cairo – Mubasher: Orascom Development Egypt has signed a nine-year lease agreement with a German company, under which the latter will rent the first administrative building established by Orascom in El Gouna.

Under the deal, the German firm, whose name has not been disclosed, will rent the building for $6.7 million.

Slated for completion in June 2019, the office building will be built in El Bustan area in the south of El Gouna on a 7,955 square-metre land, Orascom said in a statement released Tuesday.

The German company will move its business from Bavaria, Germany, to El Gouna and employ around 400 employees of different nationalities and backgrounds.  

Orascom is currently working on transforming El Gouna to a business destination over the year and to raise the number of residents there.