Cairo - Mubasher: Orascom Development Egypt (ODE) has received a letter from the Egyptian Environmental Affairs Agency, affiliated with the Ministry of Environment, demanding compensation worth $33.9 million regarding ODE's works in El Gouna.

"The Environment Protection Agency has not substantiated the claim or provided any information on the background and the reasons, and it has failed to respond to ODE's request for further information," the company said in a bourse disclosure on Tuesday. 

ODE will continue to engage with the authorities and any further information will be disclosed in due course. 

It is noteworthy to mention that El Gouna was the first destination in Africa and the Arab region to receive the Global Green Award under the United Nation's Environment Programme. 

During the first quarter (Q1) of 2021, ODE reported net profits of EGP 438.46 million, up from EGP 91.85 million in Q1-20, including minority shareholders’ rights.