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In a move signaling a significant shift towards diversifying its tourism offerings, Orascom Development Egypt (ODE), a key subsidiary of Orascom Development Holding (ODH), owned by Egyptian billionaire Samih Sawiris, has unveiled plans to construct Africa’s largest skate park near the bustling Red Sea resort town of El Gouna.
Partnering with Heazy Skate Park, a renowned designer and builder in the skate park industry, this ambitious project underscores El Gouna’s commitment to broadening its appeal beyond conventional tourism experiences and towards nurturing a dynamic sporting culture.
El Gouna’s transformation: Africa’s largest skate park set to redefine resort destinations
The partnership with Heazy Skate Park marks a significant move in turning the resort into a hotspot for sports, culture, and arts in Africa. By building the continent’s biggest skate park, we’re embracing innovation and inclusivity, in line with the Ministry of Youth and Sports’ aim to encourage active living and involve young people.
Construction of Africa’s largest skate park is slated to commence later this year, with the grand opening scheduled for 2025. As El Gouna prepares to welcome visitors from around the globe, the project stands as a testament to the region’s unwavering commitment to progress and reinvention.
ODE’s fiscal triumph: $63.5 million profit surpasses expectations amidst market challenges
ODE boasts a storied history within Egypt’s real estate sector. Established in 2008 through the merger of Orascom Projects for Touristic Development and Orascom Hotels and Development, the company has been instrumental in shaping the country’s tourism landscape.
At the end of its 2023 fiscal year, ODE disclosed a net profit of $63.52 million in its financial results. This marks a robust 63.5% surge from the preceding year, propelled by remarkable sales reaching EGP19.4 billion ($397.55 million). Despite challenging market dynamics, the real estate leader demonstrated resilience and adaptability, reaching this notable achievement.
Despite Samih Sawiris’ decision to step down as chairman of ODH, the group continues to thrive under new leadership. Sawiris, a prominent figure among Egypt’s wealthiest individuals, leaves behind a legacy of innovation and resilience that has propelled ODE and ODH to new heights.
