Annual Report - Orascom Development

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18 | Projects under development | OHD Annual Report 2006 United Arab Emirates The Cove, Ras Al Khaimah The UAE has seen massive real estate growth over the past few years, with Dubai taking the lion’s share of the development and profits. Ras Al Khaimah has been more moderate with its planning and we believe the destination will benefit from this phased development in the long term. Its planning strategy complements our own business model in its desire to develop carefully and with consideration for the future. Work began on The Cove during 2005, when the Government of UAE invited OHD to develop a residential resort. The main bulk of the project was undertaken during 2006 with the announcement of an agreement with the management company Rotana, a renowned operator specialising in Middle East properties. it will manage The Cove Rotana Resort and Spa, an exclusive four star hotel with a distinctively luxurious feel. The Cove key figures 400,000 m 2 Land under development LE 12,000 Average real estate sale price per m 2 Key attractions 10 mins from Ras Al Khaimah Airport 40 minutes from Dubai 196 hotel rooms Phase I: 185 residential units, 75% sold Phase II: 96 apartments
Oman Four Projects Oman key figures 22.8 millon m 2 Total land bank 70% OHD project ownership 12.4 million m 2 Area to be developed of the total land bank 3,512 Total hotel rooms 2,150 residential units OHD was awarded land at four locations in Oman, a landmark project marking it as the company’s largest presence outside of Egypt. Through a joint venture with the Government owned Oman Tourism Development Company (OTDC), OHD owns 70% of the new development company, Muriya for Tourism Development Company. Work is scheduled to start during 2007 on the Oman developments, excluding Al Sodah Island. In Salalah and Sifah, OHD will build two self-sufficient, fully integrated resorts, following our successful development model. The City Complex development, within the capital Muscat, will provide: a leisure complex; 19 km sq mt of office space; 15 km sq mt of retail space and parking for nearly 1,200 cars. A 282 room, five star hotel managed by Grand Hyatt will complete the offer and ensure a guaranteed income stream for OHD. At Salalah Beach we will develop 60% of our land bank in phase one. Adding value drivers in line with current standards for resort development, we will add a town centre, three hotels and 1,200 real estate units. Hotel management agreements have been signed with Rotana, Moevenpick, and Club Med for this destination. At Jebel Sifah we will initially develop 65% of the total 6.2 million sq mt, adding five hotels and over 900 real estate units. Situated 30 km from Muscat, we anticipate that Sifah will appeal to affluent residents of the country’s capital, with its combination of hotels, restaurants, golf course, marina and retail facilities. Al Sodah Island will be developed for the niche luxury boutique hotel market. A six star hotel, with just 30 suites, each with a swimming pool and private beach, the resort will be one of the key jewels in the OHD portfolio. The total area to be developed will be 1 million sq mt of the island’s total 11 million sq mt area. One of the main attractions of the Red Sea is its incredible diving opportunities and the marina at Taba Heights is a gateway to these sights. A fully functioning port, it is recognised as an official entry point into Egypt. This is particularly attractive for OHD in business terms as it links the sister sites of Tala Bay, Jordan and El Gouna. The marina also hosts the largest water activity centre on the Red Sea, which brings together diving, water sports and restaurants in a superb waterfront location. Key Attractions Four resorts overlooking the Indian Ocean: City Complex, Muscat: city centre development. Salalah: natural beach and lagoons. Sifah: high end leisure brands within the resort. Al Sodah: luxury accommodation.
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 and 12: 2 4 1 3 5 1 2 4 3 MOROCCO Chbika U.
Page 13 and 14: People and employment During 2006 1
Page 15 and 16: Hotels By the end of 2006, OHD owne
Page 17 and 18: At the intimate marina-side Captain
Page 19: 16 | Existing towns | OHD Annual Re
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
Page 65 and 66: 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
Page 72:
For further information: OHD Invest
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