Orascom Development Egypt (ODE) on Tuesday appointed Abdelhamid Abouyoussef and Ashraf Nessim as interim co-CEOs of the company succeeding Khaled Bichara who passed away in a car accident on 31 January.
Chairperson of ODE Samy Saad Zaghloul Commented: “ODE has lost an amazing human being. Those of us who have been fortunate enough to know and work with Khaled have lost a dear friend, an inspiring mentor, and a brilliant and beloved leader who personally touched the lives of so many of us during his time at ODE. My condolences and sympathy to Khaled’s family, may his soul rest in peace.”
“I am confident that the appointment of Abouyoussef and Nessim in their new roles will help guide the Company in executing the strategy that it has been communicated to the company’s clients, shareholders, and employees through the coming period.”
“ODE will continue to execute its plans and will continue to deliver more value to all our shareholders,” added Zaghloul.
Abouyoussef is a board member of Orascom Development Holding (ODH). He was ODH’s Chief Hotel Officer and is now ODH’s Hotels advisor and consultant.
ODE is the largest subsidiary of ODH. It is an
integrated developer of resort towns in Egypt, with a vertically integrated business model involving the development of residential units, hotels, and recreational facilities such as golf courses, town centres, and marinas, in addition to supporting infrastructure, such as hospitals, schools, and utilities. ODE currently owns a land bank of 49.9m sqm and 23 hotels with a total of 4,960 rooms within four operating destinations.