Orascom Development Holding AG: enters into an agreement for the sale of RAK
Tourism Investment FZC in the UAE for a total enterprise value of USD 40 million

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
Orascom Development Holding AG: enters into an agreement for the sale of RAK
Tourism Investment FZC in the UAE for a total enterprise value of USD 40
million

03-Jun-2024 / 07:00 CET/CEST
Release of an ad hoc announcement pursuant to Art. 53 LR
The issuer is solely responsible for the content of this announcement.

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Ad hoc announcement pursuant to Art. 53 LR.

Orascom Development Holding AG enters into an agreement for the sale of RAK
Tourism Investment FZC in the UAE for a total enterprise value of USD 40
million

Altdorf, 3 June 2024 - Orascom Development Holding AG ('ODH'), alongside all
the other shareholders of RAK Tourism Investment FZC ('RAK'), has entered
into a binding share purchase agreement with Cove Holdings Limited, a
special purpose vehicle established and fully owned by Saqr Kamal Hasan
('SKH' or the 'Buyer'), a prominent UAE investor, for the sale of the entire
share capital of RAK. RAK is the entity that owns the rights to the
leasehold of The Cove Rotana Hotel (the 'Resort'), a luxurious 349-room
hotel in the coastal city of Ras El Khaimah, UAE. ODH holds a 73% ownership
interest in RAK.

The transaction's total enterprise value is USD 40 million, which equates to
around USD 114,613 per key. ODH and the other shareholders of RAK will
receive approximately USD 23 million in cash proceeds from their entire
equity stake in RAK. Additionally, the Buyer is assuming approximately USD
18 million of RAK's debt, which reduces ODH's overall debt quantum.

This transaction aligns with ODH's strategy of divesting non-core assets and
recycling capital for value optimization. Orascom Hotel Management, ODH's
hotel management subsidiary, which currently operates 6,358 keys across
three continents, will continue to manage the Resort post-closing for a
transition period expected to last until Q3 2024. The transaction is
expected to close in Q3 2024, subject to the satisfaction of certain closing
conditions.

SKH appointed Rasmala Investment Bank Limited, an independent alternative
asset manager based in the Dubai International Financial Center (DIFC), as
its financial advisor, and appointed Dentons & Co. as its legal counsel.
Habib Al Mulla and Partners acted as ODH's legal counsel on this
transaction.

About Orascom Development Holding AG:

Orascom Development Holding (ODH) is a leading developer of fully integrated
towns, including hotels, private villas, apartments, leisure facilities such
as golf courses, marinas, and supporting infrastructure. Orascom Development
Holding's diversified portfolio is spread over seven jurisdictions (Egypt,
UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom). The
group currently operates ten destinations: five in Egypt (El Gouna, Taba
Heights, Makadi Heights, O-West, and Byoum), The Cove in the United Arab
Emirates, Jebel Sifah and Hawana Salalah in Oman, Lutica Bay in Montenegro,
and West Carclaze Garden Village in the United Kingdom. The shares of ODH
are listed on the SIX Swiss Exchange.

For more information, please visit https://www.orascomdh.com/.


Contact for Investors:

Ahmed Abou El Ella

Director of Investor Relations

Tel: +20 224 61 89 61

Mobile: +20 122129 5555

Email: ir@orascomdh.com

About Habib Al Mulla and Partners

Habib Al Mulla and Partners is a leading UAE law firm dedicated to helping
foreign and local clients effectively conduct business in the Emirates. Led
by Dr. Habib Al Mulla, a legal thought leader instrumental in helping
modernize UAE law to make it more compatible with international business,
the firm's lawyers have keen insight into the complexities involved with
working under the jurisdiction of UAE law.

About Rasmala Investment Bank Limited

Rasmala Investment Bank Limited ('Rasmala') is a leading alternative
investment manager operating in global markets since 1999. Rasmala invests
directly and alongside Gulf-based institutional investors including banks,
pension funds, endowments, family offices, corporations and government
institutions. Rasmala is based in the Dubai International Financial Centre
and regulated by the Dubai Financial Services Authority (DFSA). For further
details, please visit www.rasmala.com.

Disclaimer

This press release may contain forward-looking statements based on current
assumptions and forecasts of ODH management. Known and unknown risks,
uncertainties, and other factors could lead to material differences between
any forward-looking statements made here and the actual development,
particularly ODH's results, financial situation, and performance. ODH
accepts no responsibility for updating or adapting forward-looking
statements to future events or developments.


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End of Inside Information

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   Language:       English
   Company:        Orascom Development Holding AG
                   Gotthardstraße 12
                   6460 Altdorf
                   Switzerland
   Phone:          +41 41 874 17 17
   Fax:            +41 41 874 17 07
   E-mail:         ir@orascomdh.com
   Internet:       www.orascomdh.com
   ISIN:           CH0038285679
   Valor:          A0NJ37
   Listed:         SIX Swiss Exchange
   EQS News ID:    1915891

End of Announcement EQS News Service
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1915891 03-Jun-2024 CET/CEST