Corporate news
Orascom Development Egypt [ORHD]
Target Price: EGP 39
Prime Real Estate Development has announced the launch of a luxury tourism project on the Red Sea waterfront in Hurghada, located 15 minutes from El Gouna and Hurghada International Airport. New projects are revaluate lands and existing real estate projects across the Red Sea region. Orascom Development owns approximately 40 million square meters of land in the Red Sea area. The company is currently trading at a TTM P/E of 4.61x, compared to its five-year average of 6.3x.
Walaa Mosalam - Prime Research
WMosalam@egy.primegroup.org