Orascom Development Holding AG : DGAP-Adhoc: Amr Sheta leaving Orascom Development effective 7 May 2012

Tuesday, 10 January 2012

Adhoc News

DGAP-Adhoc: Amr Sheta leaving Orascom Development effective 7 May 2012

Orascom Development Holding AG / Key word(s): Change of Personnel

10.01.2012 06:55

Release of an ad hoc announcement pursuant to Art. 53 KR

Press Release

Amr Sheta leaving Orascom Development effective 7 May 2012

Altdorf/Cairo, 10 January 2012 - Amr Sheta, Vice Chairman and Co-CEO of
Orascom Development Holding AG, Altdorf (Orascom Development), has informed
Orascom Development's Board of Directors that he wishes not the be
re-elected at the next Annual General Meeting on 7 May 2012. Furthermore,
he also communicated that he wishes to leave the Executive Management team
of Orascom Development effective of said date. Mr. Sheta has been
associated with the Group in various capacities since 1989. He led the
listing of Orascom Development on the SIX Swiss Exchange in 2008 and was
actively involved in its expansion in Egypt and internationally. He has
been acting as executive Vice-Chairman and Co-CEO of Orascom Development
since its IPO in 2008 and since November 2011 became focused on Orascom
Development's activities in Egypt. Mr. Sheta will continue to work as a
non-executive member of the main boards of the Group's Egyptian
subsidiaries in order to provide his insight and knowledge.

The Board of Directors and the Executive Management of Orascom Development
would like to thank Amr Sheta for his valuable contributions to the
development of Orascom Development. Samih Sawiris, founder, majority
shareholder and Chairman of Orascom Development said: 'Amr Sheta has made a
substantial contribution to the growth of Orascom Development. Without his
active role, the Group could never have developed so vigorously. I owe him
a big vote of thanks.'

From 1 June 2012, Eng Ali El Hitamy will be assuming responsibility for
Orascom Development's activities in Egypt. Mr. Hitamy is currently head of
international construction at Orascom Development and has been with the
Group since 2008 overseeing construction in Egypt, Oman and Morocco.

Information and Explaination of the Issuer to this News:

About the Group

Orascom Development Holding AG (Orascom Development) is a leading developer
of fully integrated towns that include hotels, private villas and
apartments, leisure facilities such as golf courses, marinas and supporting
infrastructure. Orascom Development's diversified portfolio of projects is
spread over nine jurisdictions, with primary focus on touristic towns and
recently affordable housing.

Orascom Touristic Establishments (OTE) was established in 1989 setting the
first step in building the Group's track record in the development of
integrated towns. After some name changes and reorganization, the main
business was held under Orascom Hotels & Development (OHD). Since the
settlement of the public exchange offer by Orascom Development for OHD,
Orascom Development became the new parent of OHD. Orascom Development has a
dual listing, with a primary listing on the main board of the SIX Swiss
Exchange (ISIN: CH0038285679) and a secondary listing on the EGX Egyptian
Exchange (ISIN: EGG676K1D011). In December 2009, the Group modified its
secondary listing on the EGX. While the Group's shares had previously been
trading on both the SIX and the EGX in Swiss Francs, Orascom Development at
that time procured the issuance and listing of Egyptian Depositary Receipts
(EDRs; each EDR representing 1/20 of the Group's share) which are currently
trading on the EGX in Egyptian pounds. The objective of this modification
is to improve trading and liquidity on the EGX.

Today, Orascom Development operates in nine jurisdictions (Egypt, Jordan,
UAE, Oman, Switzerland, Morocco, United Kingdom, Montenegro and Romania)
and is continuously seeking development opportunities in untapped yet
attractive locations all over the world. The Group has four existing
projects: El Gouna, the flagship project, a fully-fledged town on the Red
Sea coast (Egypt). Taba Heights, on the Sinai Peninsula (Egypt), is the
Group's second tourism destination following El Gouna's business model. The
Cove (Ras Al Khaimah, UAE) is the Group's first development experience
outside Egypt. Haram City, an integrated town dedicated to affordable
housing in Egypt, catering for the mass population.

For further information, please contact:
Orascom Development Holding AG
Mamdouh Abdel Wahab
Director Investor Relations
Tel: [phone]
[phone]
Email: [e-mail]

Orascom Development Holding AG
Swiss Media Office
Philippe Blangey
Tel: [phone]
Email: [e-mail]

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Language: English
Company: Orascom Development Holding AG
Gotthardstraße 12
6460 Altdorf
Switzerland
Phone: [phone]
Fax: [phone]
E-mail: [e-mail]
Internet: www.orascomdh.com
ISIN: CH0038285679
Swiss Security Number: A0NJ37
Listed: SIX

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