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Orascom Morocco Resort Gets 10 Million Francs in Reservations

Oct. 2 (Bloomberg) -- Orascom Development AG, a Swiss developer of resorts in Europe and the Middle East, said it received reservations valued at 10 million Swiss francs for purchases of units in a resort it is building in Morocco.

The company has also signed a memorandum of understanding with Morocco’s La Caisse de Depot et de Gestion and Club Mediterranee to build and operate a 350-room, four-star hotel, of which it will own 65 percent, Orascom said in a filing to the Egyptian bourse today.

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To contact the reporter on this story: Ahmed A Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Mahmoud Kassem at mkassem1@bloomberg.net

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