Orascom Development Announces Leadership Changes in Europe To Support Region’s Next Chapter of Growth

Orascom Development Holding AG / Key word(s): Miscellaneous/Miscellaneous Orascom Development Announces Leadership Changes in Europe To Support Region’s Next Chapter of Growth 05.03.2024 / 10:30 CET/CEST

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Orascom Development Announces Leadership Changes in Europe

To Support Region’s Next Chapter of Growth

Maher Maksud focusses role as CEO of ECOBOS

Raphael Krucker expands role as CEO of Andermatt Swiss Alps and Luštica Bay

 

ECOBOS, a UK-based joint venture established in 2010 between Orascom Development and Imerys, delivered its first homes in West Carclaze Garden Village last year. To drive ECOBOS's next phase, Maher Maksoud will prioritize advancing this development as CEO of ECOBOS and Orascom Development plans to bring in more investors to join the venture. Maksoud's invaluable contributions to Luštica Bay since his appointment as its CEO in 2020 are deeply appreciated.

Simultaneously, Raphael Krucker, CEO of Andermatt Swiss Alps, will take on the additional role of CEO of Luštica Bay. Krucker has been leading Andermatt Swiss Alps since 2020, guiding it to become the Prime Alpine Destination with a dedicated team accelerating its growth as a year-round destination. Under Krucker’s guidance, Orascom Development sees vast opportunities for both Andermatt Swiss Alps and Luštica Bay to integrate more deeply into the organization and collaborate closely with its centres of excellence. This strategic move aligns with Orascom Development's commitment to creating consistency and greater impact across all destinations.

Omar El Hamamsy, Group CEO of Orascom Development, stated: "Since taking the helm at Orascom Development in 2020, I am proud of the significant progress Orascom Development has made on our transformational journey from a family-owned business to a global institution. Overcoming difficult market challenges, we have achieved a pivotal turnaround, shifting from a decade of losses to profitability since 2021. With the addition of 250 new leaders throughout our organization, we have not only advanced our team but also accomplished significant milestones – selling 2,000 homes and hosting 2.5 million hotel guests in the past year alone.”