Cairo – Orascom Development unveiled strategic leadership changes for its European destinations, including Andermatt Swiss Alps in Switzerland, Luštica Bay in Montenegro, and ECOBOS in the UK.

Maher Maksoud will be the CEO of ECOBOS, backing Orascom Development’s plans to bring in more investors to join the venture, according to a press release.

Raphael Krucker, who is the CEO of Andermatt Swiss Alps, will take on the additional role of CEO of Luštica Bay.

This strategic move aligns with Orascom Development's commitment to creating consistency and greater impact across all destinations.

Meanwhile, the transition of responsibilities is expected to be completed by the end of the second quarter (Q2) of 2024.

Omar El Hamamsy, Group CEO of Orascom Development, commented: "Overcoming difficult market challenges, we have achieved a pivotal turnaround, shifting from a decade of losses to profitability since 2021.”

“With the addition of 250 new leaders throughout our organization, we have not only advanced our team but also accomplished significant milestones – selling 2,000 homes and hosting 2.5 million hotel guests in the past year alone,” El Hamamsy noted.

He continued: “Our commitment to attracting and investing in top talent, elevating our customer experience, uplifting commercial and operational activities, increasing efficiency and collaboration, and enhancing our sustainable practices fuels our growth trajectory.”

Raphael Krucker, CEO of Andermatt Swiss Alps and Luštica Bay, commented: “In Luštica Bay, the aim will also be to accelerate quality growth as we have successfully done in Andermatt over the past four years to become the Prime Alpine Destination.”

In the January-December 2023 period, Orascom Development Egypt (ODE) posted 63.50% year-on-year (YoY) higher net profits at EGP 3.10 billion.

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