FY 2012 Annual Report - Orascom Development

22 Orascom Development 2012 Annual Report 23
4. Countries
Orascom Development
Story
Over 20 years ago, Orascom Development’s founder Samih O.
Sawiris had a simple idea – to create a little piece of paradise on
the exquisitely desolate Red Sea coast. This initial thought evolved
over the years and became our principle. Today, Orascom
Development develops sustainable holiday destinations and
integrated towns offering hotels, residential units, and luxury
leisure facilities. We really created and continue to create new
communities.
Supported by our know-how and market expertise, we are able
to spot ideal land plots that can be successfully developed. We
assess and evaluate a variety of influencing factors from the ease
of accessibility, climate attractiveness, and surrounding cultural
attractions to support from the public and the authorities. This
procedure is sustainable and allows us to bring value to our land
bank step by step.
So far, we have successfully implemented this concept in Egypt,
Jordan, UAE, and Oman and are further expanding into the
Middle East and Europe. With many similarities across our towns,
each and every destination has its own identity, comparative edges
and as such offers a unique experience.
Key Facts
105.8
million m 2
29
6,654
9
Total Land bank
Operating Hotels
1 Nile Cruise Ship and 16 hotels are
managed by international or local
hotel management companies
Hotel Rooms
currently operating
Countries of Presence
Egypt, United Arab Emirates, Jordan,
Oman, Switzerland, Morocco,
Montenegro, United Kingdom, Romania
Orascom Development’s Land Bank
Destination Name Total land bank Completed
Under
construction
Under
development
Undeveloped
EGYPT 49.7 14.3 0.4 3.8 31.2
El Gouna 36.9 9.4 - 3.4 24.1
Taba Heights 4.3 2.5 - - 1.8
Haram City 2.6 1.9 0.2 - 0.5
Amoun Island 0.02 - - - 0.02
Fayoum 1.2 0.2 0.1 0.3 0.7
Qena Gardens 0.8 - - - 0.8
Makadi 3.8 0.3 0.1 0.1 3.2
UNITED ARAB EMIRATES 0.3 0.3 - - -
The Cove 0.3 0.3 - - -
JORDAN - - - - -
Tala Bay - - - - -
OMAN 22.8 0.9 0.2 4.8 16.9
Jebel Sifah 6.2 0.2 - 1.5 4.5
Salalah Beach 1 15.6 0.7 0.2 2.5 12.2
As Sodah Island 1.0 - - 0.8 0.2
City Walk 2 0.01 - - - 0.01
SWITZERLAND 1.5 - 1.3 0.1 0.1
Andermatt 1.5 - 1.3 0.1 0.1
MOROCCO 15.0 - - 3.0 12.0
Chbika 15.0 - - 3.0 12.0
MONTENEGRO 6.9 - - 0.2 6.7
Luštica 6.9 - - 0.2 6.7
UNITED KINGDOM 6.6 - - - 6.6
Eco-Bos 6.6 - - - 6.6
ROMANIA 3.1 - - - 3.1
Constanta 3.1 - - - 3.1
Total 105.8 15.5 1.9 11.9 76.5
Percentage of Total Land bank Size 15% 2% 11% 72%
1 The discrepancy between the land size of the Salalah Beach project reflected in this year’s Annual Report as compared to previous years is due to our earlier reliance on the initial agreement (reflected
in the initial master plan) between Orascom Development and the Ministry of Tourism. It was initially agreed that Orascom Development would be granted 25.1 million square meters of land. However,
the final arrangement was to grant us the 15.6 million square meters as reflected in the Development Agreement and the final master plan. Orascom Development and the Government of the Sultanate
of Oman agreed to later discuss the possibility of acquiring the remaining land to develop a housing project.
2 An understanding has been reached between Orascom Development and the government of Oman in 2007, however no official land has been allocated to Orascom Development yet.
Land categories
Definition
6
Operating Towns
El Gouna, Taba Heights, and Haram
City in Egypt, Jebel Sifah and Salalah
Beach in Oman and The Cove in U.A.E.
Total Land Bank
Completed
Under construction
Under development
Undeveloped
Any plot of land, developed or undeveloped, which is under the direct or indirect possession of Orascom Development by virtue of lease,
usufruct and/or ownership rights and over which Orascom Development may have further rights to develop, fully own, lease to third parties, sell
to third parties, grant sub-usufruct rights to third parties, or otherwise dispose to third parties. Each plot of land is governed by the respective
agreement between Orascom Development (directly or indirectly) and the respective governmental entity, shareholders, and/or investors
Any plot of land where infrastructure is completed and individual elements of the projects are completed
Any plot of land where infrastructure is completed and individual elements of the projects are under construction
Any plot of land where infrastructure is under construction but not yet completed
Any plot of land with zero infrastructure (raw land)