Cairo, 22 June 2017

The majority shareholders of the company approved the proposal that was put forward, and the EGM resolutions were then sent to the EGX.

The company is now working on preparing the necessary documentations and fillings for the regulatory authorities to officially change the name of the company to Orascom Development Egypt (ODE).

– In line with Orascom Development Holding's (The Group) new strategy towards rebranding and clearer positioning of its subsidiaries around the world, in addition to shifting towards a destination-based structure; the management proposed to change the name of Orascom Hotels and Development (OHD); the largest Egyptian subsidiary of the Group to Orascom Development Egypt (ODE) during the company's EGM that was held yesterday, 21 June 2017.

-Ends-

About Orascom Development Egypt (Earlier: Orascom Hotels and Development) 
Orascom Development Egypt (ODE) is the largest subsidiary of Orascom Development Holding (ODH). ODE is an integrated developer of resort towns in Egypt, with a vertically integrated business model involving the development of residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructure, such as hospitals, schools, and utilities. ODE currently owns a land bank of 49.1 million square meter and 27 hotels with 6,028 rooms within four operating destinations. El Gouna, on the Egyptian Red Sea Coast in Hurghada, Taba Heights, on the Sinai Peninsula, Makadi in Hurghada and Byoum in Fayoum. ODE also holds an 87% stake in Tamweel, a financial services company providing mortgage, leasing, and insurance, among other services. Contact for Investors:

Sara El Gawahergy 
Head of Investor Relations 
Tel: +202 246 18961 
Tel: +201002185651 
Email: ir@orascomdh.com  

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The information contained in this e-mail, its attachment and in any link to our website indicated herein is not for use within any country or jurisdiction or by any persons where such use would constitute a violation of law. If this applies to you, you are not authorized to access or use any such information. Certain statements in this e-mail and the attached news release may be forward-looking statements, including, but not limited to, statements that are predications of or indicate future events, trends, plans or objectives. Forward-looking statements include statements regarding our targeted profit improvement, return on equity targets, expense reductions, pricing conditions, dividend policy and underwriting claims improvements. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and Orascom Development Egypt plans and objectives to differ materially from those expressed or implied in the forward looking statements (or from past results). Factors such as (i) general economic conditions and competitive factors, particularly in our key markets; (ii) performance of financial markets; (iii) levels of interest rates and currency exchange rates; and (vii) changes in laws and regulations and in the policies of regulators may have a direct bearing on Orascom Development Egypt results of operations and on whether Orascom Development Egypt will achieve its targets. Orascom Development Egypt undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. It should further be noted, that past performance is not a guide to future performance. Please also note that interim results are not necessarily indicative of the full-year results. Persons requiring advice should consult an independent adviser.

© Press Release 2017