DGAP-Adhoc
Orascom Development Holding AG: Orascom Development's largest subsidiary in Egypt, Orascom Hotels and Development (OHD), appoints new Executive Chairman
Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous
03.07.2014 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR
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Press Release
Orascom Development's largest subsidiary in Egypt, Orascom Hotels and
Development (OHD), appoints new Executive Chairman
Altdorf/Cairo, 3 July 2014 - 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. The board as well as the
Executive Management of OHD likes to thank him for his efforts, 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 by being a member
in the Economic and Financial affairs committee in the council.
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
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