The Egyptian Exchange (EGX) listed Orascom Development Egypt (ODE), a subsidiary of Orascom Development Holding, on the EGX 30 index on Monday, as the company met the trading standards of the index, which includes the country’s top 30 listed companies.
The move follows the success of ODE in 2018, as it was one of the top five companies in the real estate and tourism sector with a 48.2% increase in the price of year-over-year (y-o-y). The company’s market value grew from EGP 5.2bn at the beginning of the 2018 to EGP 7.8bn now.
The CEO of ODE, Khaled Bishara, expressed his contentment with the company’s continuous success, stressing that its listing on the EGX’s main index is a culmination of Orascom Development’s efforts in Egypt and the success of the strategy adopted by the company for years, in addition to the company’s expected growth in real estate revenues, especially since this year will see the launch of its first large project in Cairo, O-West, the latest addition to the company’s integrated towns portfolio.
