Orascom Development Egypt (ODE) has secured a landmark transaction, selling 145,266 square meters of prime land in El Gouna for EGP 1.54 billion. This deal, executed at 15 times the land’s book value of EGP 101 million, represents the largest land sale in El Gouna since 2015. The move aligns with the company’s strategy to boost value creation through selective land sales and development, accelerating monetization of its extensive land bank. Despite a consolidated net loss of EGP 984.5 million in Q1 2024 (versus a EGP 384 million profit in Q1 2023), revenues surged to EGP 4.17 billion from EGP 2.95 billion year-on-year.