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    DGAP-Adhoc  9477  0 Kommentare 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
    ---------------------------------------------------------------------------

    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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    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 --------------------------------------------------------------------------- Press Release Orascom …

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