Orascom Development launches first global sales office in Dubai

The new Orascom Development office, based in the Business Bay district, will manage the sales of its real estate projects across its destinations in Egypt, Oman, Morocco, Switzerland, Montenegro and the United Kingdom. 

The move reflects Dubai’s strong business and economic fundamentals, including its ideal strategic geographic location, which offer seamless access to regional and global markets and robust investment regulatory frameworks.

During a press conference announcing the new office, Omar El-Hamamsy, Group CEO of Orascom Development Holding said: “We are pleased to open our first international sales office in Dubai to manage sales across our integrated towns and destinations in 6 countries, in a pivotal step to be closer to our customers.  We continue to provide services with international standards to the GCC countries and the world. Thanks to its rich cultural diversity, as well as the UAE's success in topping the newly launched Best Investment Migration Real Estate Index in 2022, we chose to open our first office of that type in Dubai, as it remains to be a cosmopolitan city with more than 200 nationalities residing here.”

In 2021, Orascom Development Holding achieved the highest real estate sales in its history worth 717.4 million US dollars, an increase of 57.7% compared to 455 million US dollars in 2020. With the Swiss destination achieving a further 131.7 million USD in 2021, the company’s global aggregate reached 849.2 million USD.

Vast experience 
El-Hamamsy added: “Orascom Development has extensive experience in building integrated towns for more than 33 years in seven countries across three continents. 

“As we look ahead, our strategy is to unlock the potential of untapped regions and lands to transform them into vibrant towns based on three important foundations: we firstly design and build resilient infrastructure and facilities to meet the needs of the residents of our towns – including schools, hospitals, malls and sports clubs. Secondly, we apply international best practices when it comes to environmental and sustainability standards, in addition to maintaining symmetry between the area’s natural landscape and architecture to ensure its harmony with the surroundings. Thirdly, we rely on organizing cultural, arts, sports and entrepreneurship events to enhance the town’s economic and social aspects.”

An international portfolio 
ODH holds an international portfolio of projects, including the Cove Rotana in the UAE, which was built across 300,000-square-meter area. 

The Cove Hotel is one of the Orascom Development’s most successful projects and was one of the best performing hotels destinations of the Group in 2021, recently witnessing a 34.1% year-on-year (YoY) occupancy increase to reach 55% during 2021, as the hospitality industry bounces back from the pandemic and international tourists return to travel.

In Egypt, ODH’s portfolio spans across 50.25 million square meters. It’s key projects include:

El Gouna: Orascom Development’s iconic town and central destination in the Red Sea region, El Gouna is built on a 36.92 million square meter area, surrounded by natural landscapes. Many regional sports and cultural events are held there. Most important among them is the El Gouna Film Festival, which has been organized for 5 years, and the El Gouna International PSA Squash Championship for men and women, which has been hosted in the town for the past nine years. El Gouna also hosts El Gouna Half Marathon and the El Gouna Water Sports Festival.

El Gouna has held the title of the Middle East’s first sustainable town since 2014. The town’s hotels implement various key measures to ensure environmental sustainability, including irrigating more than 75 percent of their green areas with recycled water. The town houses 18 desalination plants and uses environment friendly technologies in many of its construction sites, leading to reduced carbon-dioxide emission, and fuel and water consumption. El Gouna boasts 18 hotels, two marinas, two golf courses, several schools, and sports club. El Gouna real estate sales increased by 72.5% to 254.5 million US dollars in 2021.

O West: Located west of Cairo, O West is ODH’s latest addition to its portfolio and its first entry into the first home market. Capturing all life’s details, O West is intelligently and harmoniously intertwined to offer a true town living experience in the heart of 6th of October City. O West is set over an area of 4.23 million square meter and designed by world-renowned HOK, one of the largest, most acclaimed architectural design firms in the world. Providing a unique, community-focused environment, O West features cycling and walking accessibility through its neighborhoods, allowing residents to take a breathtaking journey in an urban environment, with a masterplan design originating from its ‘Green Fingers’ meandering green spaces that span the development.

O West offers a variety of unit types and façades tailored for the needs of its target audience and complemented with all the services and facilities required to provide a fully integrated living experience. Residential units cover 3.7 million square meters in land area. An education sector, with five major international schools have already opened their premises in 2022 supporting British, American and German educational systems and spanning over 91,311 square meters, while about 10,000 square meters of area has been allocated to the medical area. Negotiations are ongoing with several prime hospital brands. Additionally, O West sports club that is being built covers 172,200 square meters and considered the biggest sport club in West of Cairo. A modern commercial and retail facilities over 190,000 square meters. O West affirmed its leading position in West Cairo and recorded 249.6 million US dollars in residential sales during 2021, a growth of 39.5% vs. 178.9 million US dollars in 2020.

Makadi Heights: Located in Makadi Bay at the Red Sea, 15 minutes from Hurghada International Airport. Over an area of 3.75 million square meters, the design of Makadi Heights strikes a harmony between the town’s location at the heart of Makadi Bay and the available spaces. Recently, Makadi Heights launched the master plan in cooperation with US-based EDSA to utilize the charming and calm nature of Makadi Bay, with the aim of building residential units at different levels that can reach 78 meters above sea level, so that residents can enjoy the views of the Red Sea. The town is preparing to host a world music festival, in which workshops and panel discussions will be held with global and local names in the industry. Makadi Heights has continued to maintain an upward trajectory by recording an increase of 158.1% to reach 74.4 million US dollars during 2021.

Hawana Salalah, a Muriya destination is located in the tropical town of Salalah in the Governorate of Dhofar, southeast of Oman. It occupies a 13.6 million square meter area and includes three hotels with more than 1,110 room, the first water park in Oman, a marina with 170 berths, freehold residences, and retail venues, restaurants and cafes. The project real estate sales reached 11.2 million US dollars in 2021. The destination recently saw the launch of its latest real estate project, Laguna Gardens – Azure. Celebrating the finer things in life, the project includes one-bedroom twin house villas, separate villas, as well as vast areas of gardens across the lagoons with stunning views. The destination of Hawana Salalah features unique designs of homes and neighborhoods against a mountainous backdrop, with magnificent lagoons, seven kilometers of sandy white beaches and lush gardens.

Jebel Sifah, Muriya’s second destination in Oman is located 40 minutes from the capital city of Muscat, in the Sultanate of Oman. Jebel Sifah is spread over 6.2 million sqm and houses Sifawy Boutique Hotel, freehold residences, which are available to own or rent, an 84-berth marina. The destination also holds the first golf course in Oman. Orascom Development managed to maintain healthy sales volumes throughout the year in Jebal Sifah, despite the lockdowns that were in place. Net sales increased by 3.0% to 29.7 million US dollars during 2021. 

Chbika Resort, Morocco: Chbika is a place of untapped beauty whose unique landscape combines the ocean, mountains, and sand, which partake in the molding of its architecture. Ideally located approximately 400 km south of Agadir, directly in front of the Canary Island of Fuerteventura on the Atlantic Ocean, Chbika has a total land area of 15.0 million square meters. In line with the sustainable development agreement signed with the Moroccan government and with Morocco’s Vision 2020, Orascom Development aims to develop a dynamic tourist engine of social and cultural development that would incorporate local people in the provinces of southern Morocco.

Andermatt, Switzerland: With an area of 1.57 million square meters and located at an altitude of 1444 meters above sea level, Andermatt, Switzerland boasts a strategic location near the Alps, only 90 minutes from Zurich and two hours from Milan. Andermatt Swiss Alps is committed to creating a sustainable future and this is reflected in its homes which are built to the highest possible sustainability standards it also launches cleanliness and energy-saving campaigns to preserving the charming nature of the Alps. The town includes more than 500 housing units and a golf course. The 18-hole Andermatt Swiss Alps Golf Course is an international championship standard course. Embedded in the spectacular outdoor beauty of the Urseren Valley, it was designed to be in harmony with the natural surroundings. With 180km of ski passes, Andermatt is suitable for ski enthusiasts. Andermatt includes two hotels whether five-star deluxe or cozy alpine chic The Chedi Andermatt and Radisson Blu Hotel Reussen. The Chedi Andermatt: is one of the most important hotels in Europe, which has been highly rated by Forbes magazine many times. The Chedi Andermatt got voted the Best Winter Hotel 2022. Switzerland enjoys an increasing growth in the value of real estate on the back of low purchasing costs, as well as restriction-free foreign ownership. Real estate sales grew by 58.4% to 131.7 million US dollars in 2021 vs. 83.1 million US dollars in 2020. Additionally, Andermatt Swiss Alps AG (ASA) recently collaborated with Vail Resorts Inc. the world’s largest ski resort operator, headquartered in Colorado, USA. Where the latter will be investing approximately USD 160.9 million for a 55% stake in Andermatt- Sedrun Sport AG. The full amount of the transaction will be reinvested and used for the further expansion of the destination. Andermatt Swiss Alps AG (ASA) will continue to hold approximately 40% of the shares in the company.

Lustica Bay Resort, Montenegro: Located on a total area of 6.9 million square meters, Lustica Bay Resort, offers a variety of residential units, from apartments overlooking the sea, charming houses on the hills and exclusive villas. Lustica Bay is an integrated destination that stretches along a 7km coastline with a 4.9km boardwalk. Lustica Bay has a luxury marina that currently includes 86 berths. It has a future final capacity of 143 berths. It also includes The Chedi Hotel, which encompasses 111 rooms. Orascom Development has achieved a notable increase in real estate sales by 356.3% to reach 63 million US dollars during 2021.

West Carclaze Garden: In partnership with Eco-Bos, UK, Orascom Development offers West Carclaze Garden (WCGV) resort. Occupying an area of 6.54 million square meters, it began as a part of the British Government's 'Eco-Cities' competition to promote the growth of sustainable communities with lakes occupying 500 acres and 1,500 energy-efficient homes. It is an integrated residential project. Consisting of 1,500 homes surrounded by large green spaces and lakes for recreation, a primary school, an administrative building area and a commercial center, as well as a 7.5-megawatt solar-power plant.

The project has been classified as an ecofriendly town supported by the British government "Garden Village" and was also awarded "Eco-Town" by the UK government and is under study for a "Health Town" by the National Health Service (NHS). All of these ratings relate to initiatives supported by the UK Government in the context of its long-term plan to provide collective housing to meet high demand, provide affordable housing and promote principles of sustainability and healthy lifestyles. Eco-Bos' success in achieving these designations gives the project a clear vision and a significant position in the real estate market and makes it enjoy strong government support and access to financing facilities.  The homes achieve the highest eco-standards, achieving an EPC A rating. In 2021 net sales reached 34.4 million US dollars.

It is worth noting that Orascom Development Holding aims, through its international sales offices, of which the first branch has just been launched in Dubai, to encourage real estate exports across its destinations in three continents. The company offers a diverse portfolio of world-class destinations covering 14 destinations of which 11 are in mature stages of development.