Press Releases

The following press releases include our most recent company statements. They may be read on screen, by clicking on the title, or downloaded to your local machine by right-clicking the link and choosing “Save Target As”. (Requires Adobe Acrobat Reader)

ERC Concludes New Land Sales of USD 48.7 million, Bringing Total Contracted Sales to USD 79.4 million

June 23, 2015

Recently sold land will see growth of new community anchors including educational institutions and international standard theme and aqua parks.

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ERC Signs Long-Term Land Lease Contract with KarmSolar to Develop a c. 50,000 m2 Solar Farm in Sahl Hasheesh

June 21, 2015

ERC Signs Long-Term Land Lease Contract with KarmSolar to Develop a c. 50,000 m2 Solar Farm in Sahl Hasheesh

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Receipt of Regulatory Green Light Sets ERC on Course to Begin Phase One of Sahl Hasheesh Marina Development “Sawari”

May 18, 2015

Approval by Tourism Development Authority will allow ERC to proceed with the first phase of what will become the Red Sea’s premier marina and the crown jewel of Sahl Hasheesh

Egyptian Resorts Company (EGX: EGTS.CA), Egypt’s leading master developer of…

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Expiration of MoU with ODH

August 24, 2014

In May 2014, ERC announced the signing of a Memorandum of Understanding (MoU) with Orascom Hotels and Development (ODH) to acquire from Orascom majority stakes in 3‐4 hotels and a significant bank of undeveloped land located adjacent to Sahl Hasheesh.…

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ERC Signs MoU with Orascom Hotels and Development (OHD) for the Acquisition of Select Assets

May 25, 2014

Cairo, 25 May 2014, 10:30 hrs Cairo time (07:30 hrs GMT)

ERC Signs MoU with Orascom as an Initial Step to Inorganically Develop New Revenue Streams Through Acquisition of Select Assets from Orascom Hotels and Development (OHD) and Other Sister…

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ERC Resumes Operations Following Recent Events in Egypt

February 08, 2011

ERC resumed normal operations on Sunday, February 6, 2011, at its Cairo headquarters in the wake of disruptions stemming from recent events in Egypt. Read More

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ERC Announces Appointment of New Chairman, Dr. Samir Makary

July 08, 2010

Leading by example in corporate governance practices, Mr. Mahmoud Abdallah nominates industry veteran Dr. Samir Makary, who crafted one of the first feasibility studies for Sahl Hasheesh in the 1990s, to become chairman of Egypt’s largest master developer of mega resort communities… Read More

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Leading Global Developer Orascom Development Holding to Develop Sahl Hasheesh Marina, Takes Equity Stake in ERC

April 29, 2010

The Marina, a critical strategic asset for the Red Sea resort city of Sahl Hasheesh, will open a significant recurring revenue stream for ERC and create value for existing sub-developers… Read More

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Key Leadership Changes

January 24, 2010

ERC announces personnel changes at the Chairman and Chief Executive Officer positions, as well as changes to the composition of the Board committees… Read More

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Board Selects WATG as Sahl Hasheesh Phase III Masterplanner

January 24, 2010

The ERC Board of Directors selects WATG for exclusive negotiations on the Sahl Hasheesh Phase III master plan… Read More

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New Team to Lead ERC through Next Phase of Development

August 14, 2008

ERC announces the year’s changes in Management, drawing on talented industry veterans to lead the company through its second decade… Read More

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Stock Dividend Distribution

August 12, 2008

ERC announces an increase in the Company’s issued capital from EGP 840 million to EGP 1,050 million through a free share dividend of 1 for every 4 at the par value of EGP 1 per share… Read More

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