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Orascom Development to sell Egypt housing unit stake for $8.2m constructionweekonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from constructionweekonline.com Daily Mail and Mail on Sunday newspapers.
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. ....