Orascom Development Holding, owned by Egyptian billionaire Samih Sawiris, has signed a binding agreement to sell its 73%-owned subsidiary RAK Tourism Investments in the UAE for about $40 million, two sources told Asharq Business.

The deal includes conditions beyond the cash value, such as writing off around 18 million Swiss francs from Orascom's total debts, one of the sources said.

The transaction is expected to be closed during the third quarter (Q3) of this year, with Orascom continuing to manage the company in the UAE until the deal is finalized, the other source noted.

 

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