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Orascom unit to sell entire stake in Egyptian housing group
CAIRO, December 15, 2020 Orascom Development Holding, a leading developer of integrated towns with a strong foothold in the Middle East region, said its Egyptian unit, Orascom Development Egypt (ODE) is set to sell its entire stake in New City Housing & Development (formerly Orascom Housing Communities) for CHF7.3 million ($8.2 million). The ODE move to offload the New City Housing & Development stake comes in line with the company s non-core assets divestment strategy to optimise its portfolio and enable it to further prioritise and reinforce efforts in its core business areas. New City Housing & Development is the first Egyptian company to focus on the development of high-quality affordable housing units within sustainable and fully integrated townships in Egypt.