Egypt's Orascom Development to issue bonds for expansion

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Orascom Development is set to issue bonds worth CHF 100 million in Switzerland to support its expansion plans, CEO and Managing Director Omar El Hamamsy told Asharq Business.

El Hamamsy noted that the bond issue, currently in its closing stages, will carry a 4% interest rate with a repayment period of five years.

Additionally, he said that Orascom Development plans to exit a project in Ras Al Khaimah, UAE, through a deal worth between $25 million and $30 million.

He also explained that this exit is aimed at bolstering the company’s liquidity to finance new projects, stating that the acquiring company could potentially manage the project more efficiently following Orascom’s development.

Orascom Development has a vast portfolio of integrated cities and communities across Europe, the Middle East, and North Africa.

The company manages more than 100 million square meters of land, with 40% either developed or under development.

Its projects also include 33 luxury hotels, totaling over 7,000 rooms across these regions.