OREANDA-NEWS. On 15 April 2009 was announced, that state program economy living construction attracted attention of foreign developers. Egyptian RE developer Orascom Development Holding AG is considering an opportunity of starting construction in Ukraine an “economy” class residential projects, said in Ministry of regional development & construction of Ukraine.

Ministry of regional development & construction of Ukraine stated, that Egyptian developer Orascom Development Holding AG (OD Holding) plans to invest in construction of “economy” class residential projects in Ukraine. It is reported, that OD Holding representatives will arrive to Ukraine to study the program in the nearest future.

Ambassador of Egypt in Ukraine Yasir Atef said that OD Holding is ready even to finance such a projects. “One of Holding’s activities in Egypt is construction of budget housing communities. Company already took part in such projects in CIS (Commonwealth of Independent States – former Soviet Republics) and other countries. In Ukraine OD Holding is interested in large scale projects”, - said the ambassador.

“now we are negotiating with several countries regarding participation in the development of residential projects and Ukraine is one of these countries. We are considering entering Ukrainian market and currently are negotiating with Ukrainian developers regarding cooperatin in terms of human resources and construction materials”, - said OD Holding Investment Projects Coordinator in EEC Mamdu  Abdel Vakhab.

Orascom Development Holding (OD Holding) is a leading developer of integrated towns with a strong foothold in Egypt and the Middle East and over 18 years of experience. Our Group is a developer of fully integrated towns, offering hotels, private villas and apartments, leisure facilities such as golf courses and marinas along with all related facilities and supporting infrastructure. The Group secured and is in the process of securing large tracts of land in untapped yet attractive locations with significant potential. We have an attractive pipeline of projects under development in Egypt, Morocco, Oman, the United Arab Emirates, Switzerland, Jordan and Mauritius. Our proven business model is expected to yield further strategic development opportunities in the medium and long-term. We operate two fully fledged towns, El Gouna and Taba Heights (Egypt), offering 21 hotels with more than 5,000 rooms, control a land bank of approximately 127 million square meters and has a workforce of approximately 18,000 staff.

In 2008, the Group achieved a turnover of CHF 568 million, a gross profit of CHF 162 million and a net profit of CHF 116 million. The founder of the Group, Egyptian businessman Samih Sawiris, still holds a majority stake controlling approximately 60% of the outstanding capital together with his family.