Orascom sells land in Egypt

Orascom said it has signed a land sale agreement with Mangroovy for Hotels. The company will purchase around 40,650 sqm of land in El Gouna as an extension for its project. The land will be used for various types of services to cater to the residences and guests, he added.

The total value of the transaction amounts to the equivalent of CHF 6.4 million, according to Orascom. The land is located near the Mangroovy residential project and is considered an integral part of the overall development, it said. (ah)