Egypt - Orascom Development Egypt (ODE) recorded EGP 2.7bn in new sales the second quarter (2Q) of 2022 — a 39.4% increase from 2Q 2021’s EGP 1.9bn. This brings its 1H 2022 sales value to EGP 4.7bn — a 16.9% increase over 1H 2021 — the highest 1H sales divs in ODE’s history.

Despite various macro and geopolitical challenges around the globe, ODE’s operations continued to progress in 2Q 2022, boasting a robust quarter with strong demand in O West, complemented by solid sales momentum in El-Gouna.

More specifically, in El-Gouna, new real estate sales during 2Q 2022 grew by 8.6% to EGP 1.1bn, versus EGP 1bn in 2Q 2021, bringing the city’s 1H 2022 sales value to EGP 2bn.

O West also continues to affirm its leading position in West Cairo and recorded EGP 2.4bn in sales, compared to EGP 1.4bn — a growth of 73.6%.

Furthermore, ODE hotels’ proven business model once again delivered impressive quarterly results despite various macro and geopolitical challenges around the globe. 2Q 2022’s KPIs showed a healthy increase in both occupancy and ARRs, driven by the return of both corporate and leisure inbound tourists.

Finally, the company’s hotels in El-Gouna and Taba Heights have benefited from the uptick of the Egyptian hospitality segment, with occupancies for 2Q 2022 reaching 72% and 23%, respectively, while 1H 2022 occupancies reached 66% and 16%.

Foreigners represented 72% of the total occupancy in El-Gouna during 1H 2022 and 75% during 2Q.

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