Orascom: New CFO and Board of Directors
Ashraf Nessim is to become the new CFO ad interim at Orascom Development Holding (ODH). He succeeds Prof. Eskandar Tooma, whose term of office will end at the 2016 Annual General Meeting and who does not intend to stand for re-election.
Ashraf Nessim is currently Deputy Group Chief Financial Officer of Orascom Development Holding and CFO of Orascom Hotels and Development, the largest Egyptian subsidiary of the ODH Group with 64 subsidiaries.
The Board of Directors also proposes that all other members of the Board of Directors be re-elected for a further one-year term of office at the forthcoming Annual General Meeting at the beginning of May. Furthermore, Naguib S. Sawiris is to be elected as a new member of the Board of Directors for a one-year term of office until the 2017 Annual General Meeting. Naguib Sawiris is the founder and CEO of the start-up Yup, a technology company in the education sector based in San Francisco. He is considered an active "business angel" and has already invested in over 20 companies, including DoctorOnDemand, Transcriptic and Womply.
Orascom Development develops integrated villages/cities that include hotels, private villas, apartments, leisure facilities such as golf courses and marinas as well as supporting infrastructure. In addition to the Swiss project Andermatt Swiss Alps, ODH is active in Egypt, the United Arab Emirates, Jordan, Oman, Morocco, Montenegro and the UK. (ah)
