Annual Report - Orascom Development

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10 | Investing in people | OHD <strong>Annual</strong> <strong>Report</strong> 2006 Growth has been OHD’s main priority during 2006. The foundation of this growth has been the investment in our personnel, bringing talented and experienced individuals onboard to carry the business forward. Investing in People People in our Operating Divisions OHD redefined its business areas, successfully bringing together key business operating divisions and capitalising on the extensive international experience of the management team. As a company committed to the local populations where it operates, OHD actively seeks to create jobs and is expected to double its workforce in the next five to seven years. Real Estate Hotels Construction Destination Management “Our people are our most competitive advantage. Therefore, we continue to invest in our most valuable resource–our associates; by providing training through high quality, renowned training providers.” Abdalla El Nockrashy Head of Real Estate “The investment in our frontline people during 2006 was extensive. We increased our staff by 15% and have reaped the benefits in customer feedback.” Claude Chesnais Head of Hotels “Clarity in processes and guidelines is what enables our teams to successfully work across the main business divisions– the Real Estate team and the Destination Managers –to ensure that resort development is seamless.” Ahmed El Khashab Head of Construction The team currently has four Country Managers, which will increase to seven by the end of 2007 to meet the demands of our growing international presence. These managers report directly to the CEO to ensure the implementation and delivery of the development strategy. 13,000 employees
People and employment During 2006 100% of OHD employees earned a bonus through work. Each project built generates significant employment opportunities through job creation in the hospitality and construction sectors. We recognise that as a real estate developer and a hotel company, our 13,000 employees are key to building our vision. In El Gouna alone some 5,000 people are employed in the daily running of the resort and town. Employees are housed in comfortable, affordable housing, complete with its own downtown area with restaurants and facilities. OHD provides local schools for employees’ children, as well as social and recreational activities – for example football teams, a church and mosque. OHD runs an employee healthcare scheme, 70% funded by OHD and with a contributory option of 30%. Bonus and incentive schemes We encourage performance incentives for our hotels and businesses. The Real Estate Division runs incentive schemes for hotel employees based on referrals of guests for property purchase. Employees and the hotels both receive bonuses for selling property through the recognised programme. All divisions run the OHD annual review programme, which is based upon a structured evaluation by line managers. During 2006, 100% of our salaried employees earned a bonus through work. Employee stock option plan As our success continues to grow, retention of our best people is critical to the future success of the company. During 2006 we introduced an employee share ownership scheme to encourage talented professionals to remain within OHD and aid its growth and expansion. The scheme is also designed to attract the best international talent to OHD. We anticipate 2007 will see a full take-up of the 2 million shares allocated towards this plan. Professional development Our focus on staff training is critical to our philosophy of offering employees development opportunities. OHD offers many training options for its employees, including financing employee MBA education and issuing various training scholarships. Service training We expect the very highest standards from our hotel operators and their teams. We invest not only in training our immediate workforce, but in training the next generation of hoteliers. By collaborating with the German Agency Technical Co-operation, we have created a centre of excellence in the El Gouna Hotel School, where 120 students are already working towards qualifications in all aspects of hotel operations.
Page 1 and 2: Annual Report 2006
Page 3 and 4: 41% Increase in consolidated revenu
Page 5 and 6: APR 06 Berenice OHD was awarded 25
Page 7 and 8: Business Development During 2006 we
Page 9 and 10: Through this phased development str
Page 11: 2 4 1 3 5 1 2 4 3 MOROCCO Chbika U.
Page 15 and 16: Hotels By the end of 2006, OHD owne
Page 17 and 18: At the intimate marina-side Captain
Page 19 and 20: 16 | Existing towns | OHD Annual Re
Page 21 and 22: Oman Four Projects Oman key figures
Page 23 and 24: Future projects Mauritius Club Méd
Page 25 and 26: New Business Tamweel Mortgage Finan
Page 27 and 28: El Gouna Environmental initiatives
Page 29 and 30: Samih Sawiris Chairman and CEO Mr.
Page 31 and 32: Julien Renaud-Perret Senior VP Inte
Page 33 and 34: Land Bank One key long term value d
Page 35 and 36: Restructuring Financing Scheme A. E
Page 37 and 38: Principal activities and business r
Page 39 and 40: Code of Business Conduct and Ethics
Page 41 and 42: Orascom Hotels and Development Comp
Page 47 and 48: Notes to the consolidated financial
Page 49 and 50: 4.2 Translation of the Foreign Curr
Page 51 and 52: 4.13 Cash Flows Statement • For t
Page 53 and 54: Machinery & Equipments Vehicles Fur
Page 55 and 56: 10. Work in progress Work in progre
Page 57 and 58: 14.6 On 4 April 2006 subscription w
Page 59 and 60: 20. Creditors and Other Credit Bala
Page 61 and 62: 23. Long Term Loans (Notes to table
Page 63 and 64:
Short Term Portion of the long term
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32. Tax Status 32.1 Corporate Tax T
Page 68 and 69:
66 | Hotel and Real Estate KPIs | O
Page 70 and 71:
68 | Hotel and Real Estate KPIs | O
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For further information: OHD Invest
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Annual Report - Orascom Development

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