Orascom Proposed Housing Development in Cairo

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Orascom Hotels & Development plans to more than 7,000 housing units for lower-middle, near Cairo, Egypt. Expressed Omar El-Hitamy, CEO of the company that built a modest home in a newspaper published in Cairo, Al Mar, as reported by Bloomberg.

Omar said the company is still awaiting approval from the Government of Egypt to the 124, 6 hectares (equivalent to 22,431,725 m² or receive 22.4 km2) of land within the city of the Holy City, 06.10 (Sixth of October). Orascom Development Holding AG is a leading developer of building integrated cities in Egypt and the Middle East with over 18 years experience. This group is to build an integrated city with hotels, villas, and apartemenm and facilities such as golf courses and marinas, and infrastructure support.

Orascom operates three cities as El Gouna, Taba Heights and The Cove, with 32 hotels and 6,400 rooms, the Banking Supervision of the earth for 141 million square meters and has 18,000 employees. The founder of this company, Samih Sawiris, the Egyptian businessman, still controlled 60 percent of the shares with his family.

Since the fourth quarter of 2006, there are, the Group launched a home grants namely Orascom Orascom Housing Communities (OHC). Orascom designated area of 8.4 million square meters of 10.06 in the city, near the city of Cairo, for this project. This will be developed more than 50,000 homes within five years to seven years in the future.

This integrated urban infrastructure such as schools, hospitals, shopping malls, cinemas, sports clubs, which will be operated and managed by the Egyptian government and NGOs. In addition, Orascom also build houses for low-income communities (housing budget of the community) in the holy city. Orascom has also built a number of projects in Andermatt, Oman, Chbika, Amoun Island, Bernice, El Fayoum Oasis Resort and Riyadh.

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