Altdorf/Cairo, xx July 2014 – The board of
directors of Orascom Hotels and Development (OHD), Orascom
Development’s largest subsidiary in Egypt, has appointed Dr. Manal
Hussein Abdel Razek as the new Executive Chairman of the board of
OHD. As a result of this appointment, Eng. Aly El Hitamy will step
down as Chairman and Chief Executive Officer of OHD and move to
become the Chairman and Chief Executive officer of Red Sea for
Construction Company, the entity responsible for all construction
activities of Orascom Development in Egypt. Eng. El Hitamy will
maintain his position as Head of International Construction in
Orascom Development, thereby capitalizing on 50 years of experience
in the field of international and local construction. The board as
well as the Executive Management of OHD like to thank him for his
efforts in leading the company during one of the most critical and
challenging periods in Egypt, and wish him every success in his new
role. The announced changes will be effective as of October 1st
2014.
Born in Egypt, Dr. Abdel Razek, 49, has been the advisor to the
chairman of Orascom Development since September 2013 on several
projects. For more than 20 years she has served in the Egyptian
governmental sector, amongst others as Deputy Minister of Finance and
Head of the Budgeting Committee from 2004 to 2013, and as Deputy
Minister of Trade from 2003 to 2004 and advisor to the Minister of
Economy from 1997 to 2001. Furthermore, she has been appointed by
presidential decree as member of the Shura Consultative Council
(upper house of the Egyptian parliament) from 2004 to 2011 whereby
she has been instrumental in most of the economic reforms.
She has also been appointed chairman of e-finance, the
Egyptian market leader in the field of electronic payment solutions,
and has served on the board of companies with interests in banking,
aviation, tourism, transport and telecommunication.
Dr. Abdel Razek holds a B.Sc. in Mass
Communication with honors from Cairo University and an MA in Public
Administration from the American University in Cairo where she was
awarded the Frank Wisner Award for her outstanding thesis. In 2008,
she received a PhD in Public Administration, with highest honors,
from the Faculty of Economics and Political Science, Cairo
University.
The board of
OHD and the Executive Management of Orascom Development are highly
confident that Dr. Abdel Razek will add a lot of value to OHD due to
her vast management experience and strong regional network.
About
Orascom Development Holding AG
Orascom Development 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 eight jurisdictions (Egypt, UAE, Jordan,
Oman, Switzerland, Morocco, Montenegro and United Kingdom), with
primary focus on touristic destinations and budget housing. The Group
currently operates eight destinations; four in Egypt El Gouna, Taba
Heights, Haram City and Makadi, The Cove in United Arab Emirates ,
Jebel Sifah and Salalah Beach in Oman and Andermatt in Switzerland.
Orascom Development has a dual listing, with a primary listing on the
SIX Swiss Exchange and a secondary listing on the EGX Egyptian
Exchange.
