Founded in 1995 by Eng. Samih Sawiris, ODE has grown to become one of the leading players in the Tourism and Property space in Egypt. ODE has a portfolio of 24 hotels with 5,055 rooms, primarily in El Gouna and Taba Heights. The Company has a total land bank of 5,025 hectares (“ha”), of which 2,415 ha has yet to be developed and 1,136 ha is under development.

ODE is listed on the Egypt Stock Exchange (“EGX”).  The Company is 75% owned by Orascom Development Holdings (“ODH”) with 25% on free float at EGX. ODH is 76.4% by Eng. Samih Sawiris family with 23.6% on free float at the Swiss Stock Exchange.

The total Project Cost is estimated to be up to US$ 96 million and EUR 55 million. IFC will provide (i) an A- Loan of up to US$85.4 million, (ii) an A loan of up to EUR 45.2million. of which IFC expects to share risk for EUR 20 million on unfunded basis with a credit insurer, and (iii) will mobilize US$ 10.6 million and EUR 9.8 million through Managed Co Lending Portfolio Program (“MCPP”).

 ODE operates in Egypt. Most of the Company’s hotels are located is in El Gouna in the Red Sea area.                                               

  The governance risk to development impact is deemed to be low as the company is committed to maintaining good governance standards.                                                 

This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012). Based on information reviewed by IFC, the proposed Project will have limited adverse E&S impacts that are few, site specific, reversible, and readily addressed through existing mitigation measures and good international industry practices (GIIP).                

Key E&S issues include: (a) the Company E&S management systems and staffing to manage the renovation and operation of assets in line with PSs; (b) assurance of fair, safe and healthy working conditions especially freedom of association and gender based violence; (c) contractor management and occupational health and safety (“OHS”); (d) resource efficiency (water, energy and materials efficiency) and pollution prevention; (e) life and fire safety (“LFS”); and (f) stakeholder engagement and community grievance mechanism.