Latest news with #resortdevelopment
Zawya
15 hours ago
- Business
- Zawya
Egypt's Elsewedy Electric to supply power solutions for first resort in Ras El Hekma
Elsewedy Electric announced on Thursday that it has been selected by Abu Dhabi-based developer Modon Holding to provide power infrastructure for the first resort in Ras El Hekma mega project. The ADX-listed Modon Holding was appointed as the master developer for Ras El Hekma by ADQ Holding in October 2024. Elsewedy Electric, listed on the EGX, said in a statement that it will supply advanced dry-type transformers and install high-performance Busway systems as part of the resort's energy infrastructure. The resort is currently under construction and forms part of a broader investment strategy to transform Ras El Hekma into a high-end coastal destination, the statement noted. In addition to being master developer for Ras Al Hekma's 170 million square metres (sqm) area, Modon Holding is also the developer for the first phase of the city consisting of 50 million sqm. (Writing by Eman Hamed; Editing by Anoop Menon) (
Zawya
15-05-2025
- Business
- Zawya
Egypt: Orascom Development turns profitable in Q1 2025
Arab Finance: Orascom Development Egypt has generated consolidated net profits after tax attributable to the parent company amounting to EGP 2.044 billion during the first quarter (Q1) of this year, versus net losses worth EGP 1.181 billion in Q1 2024, as per the firm's financial statements. Revenues jumped to EGP 6.441 billion during the January-March period of 2025, up from EGP 4.175 billion in the same period a year earlier. On the standalone business front, the firm also garnered profits totaling EGP 2.204 billion in net profits after tax, while it incurred EGP 1.550 billion in net losses after tax in the first three months of 2024. ODE, the largest subsidiary of Orascom Development Holding (ODH), is a developer of resort towns, residential units, hotels, and recreational facilities such as golf courses, town centers, and marinas, in addition to supporting infrastructures, such as hospitals, schools, and utilities. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
