Orascom Development for Arabia: 40% increase in real estate sales in Egypt

Orascom Development CEO Omar Al-Hamamsi confirmed in an interview with Al-Arabiya that real estate sales in Egypt increased by 40% to 4 billion pounds during the first half of quest’year.

Al-Hamamsi added that the company has grown with this increase With a total turnover of over 50% at £ 3 billionAnd net profit increased by over 340% to £ 740m, and these were very strong, despite the tourism sector still far from its previous level of performance of the Corona pandemic.

He expressed his optimism with the recovery obtained in the first half, with the occupancy rate of the company more than 30% and more than 5% in the past two months, and in the second half things are expected to further improve as the pandemic conditions improve.

Al-Hamamsi had said in a previous interview with Al-Arabiya that the demand had increased in 3 destinations belonging to the company: the first destination is El Gouna, which completes its fort performance, and the second destination, which has become very important for the company, is O West, west of Cairo, which is one of the most important places now.The third destination is Makadi City on the Red Sea, and its sales have increased by 400% in the first half of questyear, compared with the same period last year.

He explained that there are 3 factors that contributed to the increase in revenues, namely the increase in demand and the number of units sold, as well as the 10% increase in prices in El Gouna and O West by over 20 %, while increased in Makadi by over 60%, with continued large demand.

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