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Orascom Development’s largest subsidiary in Egypt, OHD appoints new Executive Chairman

The board of directors of Orascom Hotels and Development (OHD), Orascom Development’s largest subsidiary in Egypt, has appointed Dr. Manal Hussein Abdel Razek as the new Executive Chairman of the board of OHD.

As a result of this appointment, Eng. Aly El Hitamy will step down as Chairman and Chief Executive Officer of OHD and move to become the Chairman and Chief Executive officer of Red Sea for Construction Company, the entity responsible for all construction activities of Orascom Development in Egypt.

Eng. El Hitamy will maintain his position as Head of International Construction in Orascom Development, thereby capitalizing on 50 years of experience in the field of international and local construction. The board as well as the Executive Management of OHD like to thank him for his efforts in leading the company during one of the most critical and challenging periods in Egypt, and wish him every success in his new role. The announced changes will be effective as of October 1st 2014.

Born in Egypt, Dr. Abdel Razek, 49, has been the advisor to the chairman of Orascom Development since September 2013 on several projects. For more than 20 years she has served in the Egyptian governmental sector, amongst others as Deputy Minister of Finance and Head of the Budgeting Committee from 2004 to 2013, and as Deputy Minister of Trade from 2003 to 2004 and advisor to the Minister of Economy from 1997 to 2001. Furthermore, she has been appointed by presidential decree as member of the Shura Consultative Council (upper house of the Egyptian parliament) from 2004 to 2011 whereby she has been instrumental in most of the economic reforms.

She has also been appointed chairman of e-finance, the Egyptian market leader in the field of electronic payment solutions, and has served on the board of companies with interests in banking, aviation, tourism, transport and telecommunication.

Dr. Abdel Razek holds a B.Sc. in Mass Communication with honors from Cairo University and an MA in Public Administration from the American University in Cairo where she was awarded the Frank Wisner Award for her outstanding thesis. In 2008, she received a PhD in Public Administration, with highest honors, from the Faculty of Economics and Political Science, Cairo University.

The board of OHD and the Executive Management of Orascom Development are highly confident that Dr. Abdel Razek will add a lot of value to OHD due to her vast management experience and strong regional network.

For more info please contact:
Sara El Gawahergy
Director of Investor Relations
Tel: +20 224 61 89 61
Tel: +41 418 74 17 11
Email: [email protected]