By: Abdullah Bedeir
Cairo – Mubasher: Orascom Development Egypt (ODE) has launched 400 villas in its O West project in Sheikh Zayed with expected sales of EGP 3 billion within two years.
The real estate developer plans to invest EGP 80 billion in the project over 10 years starting from December 2018, Tarek Kamel, the CEO of O West, said in a press conference on Tuesday.
The project includes a hospital and a hotel, along with five international schools; two of which will be opened next September and the other three in September 2022.
The company also plans to lay the cornerstone of a sports club at O West during the fourth quarter (Q4) of 2021.
Orascom has generated EGP 7.5 billion in sales from the project over two years, CEO Omar El-Hamamsy said.
In addition, the company has restructured loans worth about $265 million in Egypt in November 2020, El-Hamamsy revealed.
The restructuring process involved changing payment terms and reducing interest rates, the CEO added, noting that the company has benefited from the Central Bank of Egypt's (CBE) initiative to support the tourism sector amid the coronavirus (COVID-19) pandemic.
