Orascom Names Interim CFO After El-Shamy Injured in Car Crash

Orascom Development Holding AG, a Swiss company that builds tourist towns in the Middle East and Europe, selected an internal candidate for the role of interim chief financial officer to replace Ahmed El-Shamy.

El-Shamy is stepping down after suffering injuries in a crash involving his chauffeur-driven car. He will be replaced by Canadian-Egyptian board member Eskandar Tooma, 35, at the end of August on an interim basis, the company said in a statement today.

Orascom develops tourist destinations on the Red Sea coast and central Europe, and generated 278 million francs ($293 million) in sales last year. The company is present in nine countries and manages six integrated-towns in Egypt, Oman and the United Arab Emirates offering hotels, villas and leisure facilities.

“The decision was relatively simple, we needed someone who had the financial experience and knows the company” said Till Leisner, head of investor relations, in a telephone interview. “Tooma is up to speed with all its processes.”

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