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Orascom Development Egypt sells land in El-Gouna for EGP 105m

Orascom Development Egypt sells land in El-Gouna for EGP 105m
El-Gouna - Orascom Development’s flagship town

Cairo – Mubasher: Orascom Development Egypt (ODE) signed a land sale agreement with Mangroovy for Hotels.

Under the deal, Mangroovy for Hotels will purchase a land plot in El-Gouna over an area of 40,654 square metres for EGP 104.8 million ($6.6 million), according to a statement to the Egyptian Exchange (EGX) on Thursday.

The land plot is located within the vicinity of the Mangroovy Residence project and considered an integral part of the overall development,” the statement showed.

It is worth mentioning that during the first quarter (Q1) of 2020, ODE achieved net profits of EGP 91.85 million, down from EGP 188.59 million in the year-ago period.