04.02.2020 – Orascom Development Holding AG

Orascom Development Holding AG provides update on interim management.

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG provides update on interim management.

04-Feb-2020 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 KR
The issuer is solely responsible for the content of this announcement.


Press Release

Orascom Development Holding AG provides update on interim management.

Altdorf, 4 February 2020 - Orascom Development Holding (ODH) provides an
update regarding the management of the Company following the tragic loss of
its CEO Khaled Bichara. Samih Sawiris will assume the role of Executive
Chairman to lead the Executive Management for an interim period until the
appointment of a new CEO. Mr. Sawiris will lead and be assisted by an
interim committee, which includes appointed members of the Board of
Directors as well as members of Executive Management. In addition to Mr.
Sawiris, the selected committee members are: Naguib S. Sawiris (Board
member), Jürgen Fischer (Board member), Ashraf Nessim (Chief Financial
Officer) and Abdelhamid Abouyoussef (member of the Executive Management).
The role of the committee will be to (1) supervise and support management
day to day, and (2) lead the appointment and onboarding of the new CEO.

"We are deeply saddened by this tragic loss," said Samih Sawiris, Chairman
of the Board. "Khaled was an innovative leader who, above all, lived the
company's core values with a true passion for our people and an exceptional
commitment to the Group, while consistently delivering strong results. His
energy, drive and leadership will be sorely missed."

Samih Sawiris added: "Notwithstanding that loss, the Board and I are
confident that the momentum that Khaled helped create will not be lost. ODH
has a solid strategy in place, which we will continue to execute on as
promised to our clients, shareholders and employees. I am confident that
with this new interim structure supported by the strong Board of Directors
and Executive Management team, the company will remain on the same track and
will continue to grow value for shareholders."

Ashraf Nessim, CFO, on behalf of the Executive Management, stated: "We are
all greatly saddened by the sudden tragic loss of Khaled. He was a
brilliant, beloved true leader, a devoted father and a good friend. There
aren't enough words to convey my sincere gratitude and appreciation of
working by his side the past 4 years. We extend our deepest sympathies to
his wife and two sons. May his soul rest in eternal peace."

About Orascom Development Holding (ODH):
Orascom Development Holding (ODH) is a leading developer of fully integrated
destinations that include hotels, private villas and apartments, leisure
facilities such as golf courses, marinas and supporting infrastructure.
Orascom Development's diversified portfolio of destinations is spread over
seven jurisdictions (Egypt, UAE, Oman, Switzerland, Morocco, Montenegro and
United Kingdom), with primary focus on touristic destinations. The Group
currently operates nine destinations; four in Egypt (El Gouna, Taba Heights,
Fayoum and Makadi Heights), The Cove in the United Arab Emirates, Jebel
Sifah and Hawana Salalah in Oman, Luštica Bay in Montenegro and Andermatt in
Switzerland. The shares of Orascom Development Holding (ODH) are listed on
the SIX Swiss Exchange.

Contact for Investors:
Sara El Gawahergy
Head of Investor Relations & Strategic Projects Management
Tel: +202 246 18961
Tel: +41 418 74 17 11
Mob: +41 79 156 78 49
Email: ir@orascomdh.com

Contact for Media Relations:
Philippe Blangey
Dynamics Group AG
Tel: +41 432 68 32 35
Email: prb@dynamicsgroup.ch

Disclaimer & Cautionary Statement
The information contained in this e-mail, its attachment and in any link to
our website indicated herein is not for use within any country or
jurisdiction or by any persons where such use would constitute a violation
of law. If this applies to you, you are not authorized to access or use any
such information. Certain statements in this e-mail and the attached news
release may be forward-looking statements, including, but not limited to,
statements that are predications of or indicate future events, trends, plans
or objectives. Forward-looking statements include statements regarding our
targeted profit improvement, return on equity targets, expense reductions,
pricing conditions, dividend policy and underwriting claims improvements.
Undue reliance should not be placed on such statements because, by their
nature, they are subject to known and unknown risks and uncertainties and
can be affected by other factors that could cause actual results and Orascom
Development Holding's plans and objectives to differ materially from those
expressed or implied in the forward-looking statements (or from past
results). Factors such as (i) general economic conditions and competitive
factors, particularly in our key markets; (ii) performance of financial
markets; (iii) levels of interest rates and currency exchange rates; and
(vii) changes in laws and regulations and in the policies of regulators may
have a direct bearing on Orascom Development Holding's results of operations
and on whether Orascom Development Holding will achieve its targets. Orascom
Development Holding undertakes no obligation to publicly update or revise
any of these forward-looking statements, whether to reflect new information,
future events or circumstances or otherwise. It should further be noted that
past performance is not a guide to future performance. Please also note that
interim results are not necessarily indicative of the full-year results.
Persons requiring advice should consult an independent adviser


End of ad hoc announcement