{"id":581594,"date":"2023-02-16T00:00:00","date_gmt":"2023-02-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/ode-gets-greenlight-for-gouna-expansion\/"},"modified":"2023-02-16T00:00:00","modified_gmt":"2023-02-16T00:00:00","slug":"ode-gets-greenlight-for-gouna-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/16\/ode-gets-greenlight-for-gouna-expansion\/","title":{"rendered":"ODE gets greenlight for Gouna expansion"},"content":{"rendered":"

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<\/span>El Gouna is about to get a lot bigger: <\/span>Orascom Development Egypt (ODE) has inked <\/span>an agreement with Egyptian authorities to expand El Gouna, ODE said in an <\/span>EGX<\/a><\/span>disclosure<\/a><\/span>(pdf)<\/a><\/span> yesterday. Under the agreed master plan, the company will develop its remaining 17.4 mn <\/span>sqm land bank, adding<\/span> 1.2 mn sqm of connected lagoons and 1k hotel rooms every 10 years, it said.. <\/span><\/p>\n

This will <\/span>more than double<\/span> the town\u2019s current size:<\/span> El Gouna sits on a total land area of almost 37 mn sqm. Some <\/span>11 mn <\/span>sqm have already been developed, according to<\/span> ODE\u2019s website<\/span>.<\/span><\/p>\n

Also under the agreement: <\/span>The agreement also gives Orascom the right to connect its lagoon system to the sea, which it says will improve water quality for its Gouna residents. It will also push back the shoreline setback for its unbuilt landbank from the current 200 meters to 105 meters, increasing its buildable land.<\/span><\/p>\n

The price tag:<\/span> ODE will <\/span>pay USD 112 mn in transfer fees for remaining plots, USD 21 mn upon signing and the remainder in installments over 15 years. The company is also paying USD 39 mn to settle with the Environment Ministry, which in <\/span>2021 fined it<\/a><\/span> <\/span>for allegedly causing environmental damage while constructing the resort town. The figure also includes payments to obtain environmental permits and approvals for the new developments.<\/span><\/p>\n

Who\u2019s paying? <\/span>ODE will fund its growth from its own EGP 3.8 bn in cash on hand, a USD 30 mn shareholder loan from its parent company, Orascom Development, and future cashflows.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

A new agreement will more than double the town\u2019s current size<\/p>\n","protected":false},"author":1,"featured_media":581595,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7371],"tags":[257,72,256,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-581594","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-el-gouna","tag-enterpriseam","tag-orascom-development-egypt","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"4313fc8f-1a00-4ded-a62d-df0c79f3e59f","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/1600-el-gouna.jpg","photo_position":"below","homepage_title":"","full_issue_title":"","related_issue":[581585],"teaser":"A new agreement will more than double the town\u2019s current size","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/2\/.3cab0002-8bfd-4eae-b557-98b2bb5c3f18.mp3"},"yoast_head":"\nODE gets greenlight for Gouna expansion - 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The agreement\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":592034,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/12\/24\/orascom-development-egypt-to-launch-three-projects-in-el-gouna-in-2020\/","url_meta":{"origin":581594,"position":2},"title":"Orascom Development Egypt to launch three projects in El Gouna in 2020","author":"enterpriseam admin","date":"24 December 2019","format":false,"excerpt":"Orascom Development Egypt (ODE) is planning to launch three projects in El Gouna in 2020, including a hotel and two other real estate projects, CEO Khaled Bichara said, according to Al Mal. 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Orascom Hotels Management (OHM) will develop Casa Cook Hotel, which is expected to\u2026","rel":"","context":"In "Tourism"","block_context":{"text":"Tourism","link":"https:\/\/enterpriseam.com\/egypt\/category\/data\/tourism\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":558305,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/04\/el-gouna-developer-fighting-usd-34-mn-fine\/","url_meta":{"origin":581594,"position":5},"title":"El Gouna developer fighting USD 34 mn fine","author":"enterpriseam admin","date":"4 August 2021","format":false,"excerpt":"The Environment Ministry is asking Orascom Development Egypt to cough up almost USD 34 mn, alleging that the company has caused environmental damage in El Gouna. 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