Orascom Development Egypt (ODE) has successfully completed the landmark sale of 145,266 square meters of land in El Gouna for EGP 1.54 billion, equating to USD 225 per square meter. This transaction, executed at approximately 15 times the land’s book value of EGP 101 million, is significant as it represents the most extensive land sale in El Gouna since 2015. The land is strategically situated at the backend of El Gouna’s developed area.

The sale is a key component of ODE’s strategic initiative aimed at enhancing value creation through selective land sales and developments. By accelerating the monetization of its land bank, this initiative ensures that ODE’s assets—maintained at book value in financial statements but under-reflected in stock prices—are leveraged to reflect their true worth. The transaction underscores ODE’s ongoing commitment to its corporate strategy, aiming to deliver substantial value to its stakeholders.

Real Estate, Finance,Egypt

https://www.zawya.com/en/press-release/companies-news/orascom-development-egypt-completes-landmark-land-sale-in-el-gouna-for-egp-154-billion-ep6gskz5