In the wake of Covid-19, Orascom development has reported its financial situation for the first half of 2020. Despite the pandemic economically shaking the entire planet, the developers’ reports are mind-easing.
Orascom Development Egypt (ODE) is a leading developer of fully integrated destinations in Egypt. It involves several development fields including private villas, apartments and hotels. It also includes leisure facilities such as golf courses, marinas, and other supporting infrastructure such as schools, universities and hospitals. Orascom Development Egypt currently owns a land back of 45.7 million sqm and an extensive hotel profile.
In Egypt, real estate sales recorded an enormous influx across all destinations. For Example, total contracts and reservations reached 779.13 million EGP for July 2020 compared to 383.44 million EGP in contracts for July 2019. That is almost double the amount within a year’s gap. We should also keep in mind that outstanding reservations are taking longer than expected to convert into contracts. That is understandably due to social distancing procedures put in place for the Covid-19 pandemic.
Overall, the performance of the developer throughout the pandemic is far from disappointing. That, however, is to be expected from a market leader like Orascom. The brand name over the years has earned its weight in gold, and this year is an obvious reason why.
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