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Orascom Development Holding AG Press Release

Published date: 06.02.2009 14:40 | Author: Kliping inostranih medija

Ispis Print

In my interview with Bloomberg on the 29th of January my views on the prospects for tourism and real estate as well as the plans of Orascom Hotels and Development were discussed in a broad manner.

As we shifted from country to country and from real estate to tourism, my response to the negative trend in tourism arrivals expected in Montenegro due to the global crisis prompted me to reply that we would not be selling rooms in our hotels in Montenegro before two to three years ((as they wont be built in less time)) and therefore we do not expect the current crisis to affect our plans.

The paragraph printed mentioned a totally contrary statement saying that we would not be building before two to three years which is totally incorrect.

Our plans still foresee contract finalization before end of April and mobilization before end of June so that construction could start winter 09 after drawings completion.

It is needless to say that I would not possibly have made such a statement under any circumstance while we are still negotiating the contract for the land!!

Samih Sawiris
CEO Orascom Development Holding AG