Annual Report - Orascom Development

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.