Muscat, September 17th  2014 - Orascom Development Holding AG (ODHN), the majority shareholder in Muriya Tourism Development, announced net profits of Omani Rials (OMR) 13.02m[1] following a strong performance in the first half of 2014 compared to a loss of OMR 19.8m in the comparable period. This positive performance will allow for further investment in the development of Muriya's two destinations of Jebel Sifah and Salalah Beach.

Samih Sawiris, Chairman of Muriya and CEO of Orascom Development Holding AG, said, "Increased revenue across the entire group's portfolio has created the flexibility to allocate more funds for our two landmark projects in the Sultanate. Having sustained the Group's full activities during the period of unrest through executing on our earlier communicated strategies, we can continue making progress with the master plan for the Jebel Sifah and Salalah Beach. We look forward to continuing the positive momentum to create two unique destinations and attract visitors from around the world to experience the natural beauty of Oman's coastline."

ODHN reported that total revenues have risen 2% compared to the same period last year, on the back of strong contribution by the Real Estate and Construction segment (OMR 20.4m). Contracted real estate sales increased to OMR 14.4 driven by a continued strong sales momentum in El Gouna and a positive contribution from Montenegro. The significant increase in net profits resulted mainly from overhead savings of OMR 8.24m and one-off gains of OMR 25.5m.

He added, "Oman is experiencing an upward curve in its travel and tourism sector, expecting to record an increase to national GDP of over 10% in 2014. Muriya has continued to hand over real estate units to owners, leased retail and commercial outlets, introduced new recreational facilities and launched Salalah Rotana Resort, the largest free-standing hotel in Oman which opened in March. The two destinations are already taking shape as fully functioning towns.

Salalah Beach is the first Integrated Tourism Complex (ITC) in the Dhofar Governorate and is the Middle East's only tropical destination. The destination extends across an area of approximately 15.6 million square meters, combining real estate, luxury hospitality, a 200-berth inland marina and a marina town into a bustling integrated tourism complex (ITC) that will also offer two 18-hole PGA standard Golf Courses designed by Peter Harradine. Once complete, Jebel Sifah will feature an 18-hole PGA standard Golf Course and a selection of luxury resorts operated by the world's leading hotel companies. At the centre of the development is a charming Marina Town built around Oman's first inland marina framed by a growing range of specialty retail, lively cafés and restaurants and leisure facilities.

-Ends-

Muriya Tourism Development
Muriya is a joint venture between Orascom Development Holdings (70%), a leading developer of integrated destinations and Omran (30%), the tourism development arm of the Omani Government. The company was created in 2006 to stimulate external leisure investment in Oman and showcase the history, culture and natural beauty of the country, in which time it has grown into Oman's leading tourism developer. Muriya currently has four development projects under construction; Jebel Sifah, located 45 minutes from Muscat, Salalah Beach, adjacent to the ancient city of Salalah situated in a tropical destination on the Arabian Peninsula in the far southeast of Oman, and As Sodah Island, an hour by helicopter from Salalah, located in the Arabian Sea and City Walk located in the heart of the capital Muscat.

For press inquiries and images, please contact:
Shaza Taher
TRACCS Public Relations
Telephone: +968 24 649-099
Fax: +968 24 649-088
Email: shaza.taher@traccs.net 

© Press Release 2014