Orascom completes $37.4 land sale to Hassan Allam

Orascom Development Egypt (ODE) announced the sale of a 110,000-square-meter land plot in El Gouna to Hassan Allam Properties for $37.4m. This collaboration highlights ODE’s commitment to enhancing the El Gouna community through targeted partnerships with leading developers.

This sale will allow ODE to trigger a wave of investments in El Gouna’s infrastructure, amenities, and facilities. These developments align with ODE’s long-standing mission to create vibrant, thriving communities that serve as premier destinations for living, leisure, and business.

Leveraging our strong brand recognition, ODE is committed to fostering El Gouna’s growth by diversifying its portfolio in partnership with leading reputable developers and through development projects. This strategy supports Egypt’s vision for sustainable urban development while keeping El Gouna a top choice for discerning visitors. This transaction aligns with our group strategy, focusing on high-quality experiences for residents and even through our hospitality arm.

Spread over 110,000 sqm, the new project will feature a boutique development housing a variety of fully finished waterfront condos ranging between one to four bedrooms, duplexes, and penthouses, all inspired by Greek architecture. The project is anchored by a 15,000 sqm crystal lagoon surrounded by a pristine white sandy beach, granting all homes compelling views.

Mohamed Allam, Vice Chairman & CEO of Hassan Allam Properties, commented: “The new acquisition underscores the established partnership between HAP and ODE. Following the success of HAP’s previous venture at El Gouna, Swan Lake El Gouna’’, this latest endeavour represents a continuation of their shared vision for the destination.

Omar El Hamamsy, CEO of Orascom

Development Egypt stated: “This new venture highlights our shared commitment to creating sustainable, community-centric resorts that enrich the lives of El Gouna residents through targeted partnerships with leading developers that leverage our collective expertise and vision.”