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Egypt
Orascom Development Egypt has sold a commercial building to Seoudi Supermarket within the O West commercial strip at a value of EGP 332 million.
The transaction aims to integrate the first supermarket in the destination, which will enrich the overall residential and visitor experience, according to a press release.
This addition aligns with the EGX-listed firm’s commitment to developing prosperous, enduring, community-centred destinations that enhance the quality of life.
In the first half (H1) of 2024, Orascom Development Egypt recorded lower consolidated net profits at EGP 942.76 million, compared to EGP 1 billion in H1-23.
Meanwhile, the company turned profitable at EGP 484.64 million in H1-24, against standalone net losses worth EGP 204.12 million a year earlier.
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