Cairo – Mubasher: Orascom Development Egypt (ODE) announced that the construction of its project in Amoun and Qelada islands has been temporarily suspended.
The decision was taken due to the obstacles and difficulties facing the project for years, ODE said in a bourse disclosure on Thursday.
In December 2019, the company said that it regained possession of Amoun Island, jointly owned with the Egyptian General Company for Tourism and Hotels (EGOTH).
During the first nine months of 2020, ODE logged net profits of EGP 357.4 million, down from EGP 501.2 million in the year-ago period, including minority shareholders’ rights.
Source: Mubasher
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