Orascom Development Holding has contracted to implement 5 schools with a total area of 100,000 square meters, within the O West project, with investments amounting to 1.475 billion pounds.
Tarek Kamel, CEO of O West in 6 October City, owned by Orascom Development Holding, said that the city has operated the German “Saxony” International School and the Canadian “British Columbia” during the 2021-2022 school year, and it is planned to operate Nadine Ismail School and Kent College International School during the next academic year.
Kamel added to “Al Borsa” that “Orascom” signed an agreement to develop “Kent College” International School at a cost of 500 million pounds in February 2020, and also signed in March 2020 an agreement with Cairo Investment and Real Estate Development Company to establish “Saxony” German International School, and “British” Canadian Columbia, with a total investment of 450 million pounds, and signed an agreement with “Nadine Ismail Schools” to develop two schools worth 525 million pounds, in June 2020.
He explained that Orascom is studying the development of the hospital, medical services and commercial parts of the “O West” project during 2022, defining the method of implementation, the mechanism of participation, and the parties targeted for participation.
Kamel indicated that the company is negotiating with a number of service and management operators, along with some different international academies, to participate in the sports club, with the aim of expanding the area of sports practice, by providing infrastructure, developing competitive human capabilities, and developing the sports champion.
He said that the company plans to complete the construction of the sports club during the period between 2022 and 2023, and the project will be built on an area of 38 acres, with an investment cost of about 800 million pounds.
During the first half of 2021, Orascom Development Egypt achieved profits of 744.58 million pounds, compared to profits of 168.35 million pounds in the comparative period of 2020.
The parent company’s half-year profits amounted to about 686.22 million pounds at the end of June, compared to profits of 180.95 million pounds during the same period last year, and the owners of the non-controlling stakes during the period recorded profits of 58.36 million pounds at the end of June, compared to losses of 12.59 million pounds during the same period. from 2020.
The company’s revenues rose during the first six months of this year to 2.99 billion pounds at the end of last June, compared to revenues of 1.92 million pounds in the comparative half of 2020.
On the level of independent businesses, the company’s profits amounted to 550.53 million pounds in the first half of this year, compared to 206.33 million pounds in the comparable half of last year.
The article “Orascom Development” implements 5 schools in “O West” with investments of 1.475 billion pounds was written in Al Borsa newspaper.