New Team to Lead ERC through Next Phase of Development

Cairo, August 14, 2008 10:00 hrs Cairo time (08:00 hrs GMT)

Different Experience Set Required to Take ERC through its Second Decade

Egyptian Resorts Company (EGX: EGTS.CA), Egypt’s largest master developer of Mega Resort Communities summarized today the management restructuring that took place over the first two quarters of the year.

Mr. Richard Turner took over the Chief Executive Officer role from Dr. Engineer Hussein Abu Seida, who led ERC through its impressive growth over the last decade. Mr. Turner is a 20‐year veteran of the largest and most comprehensive resort developments in 27 countries, developing and managing fully‐integrated developments for private, public, and institutional investors. Mr. Turner has been a key advisor to the former Prime Minister of Singapore on real estate in developing markets and continues to advise Government Ministers for development and technology in Asia and APEC in general. Previous roles held by Mr. Turner in the industry include Chief Executive Officer – Graystone Group of Companies, Managing Director – Global Group and Unique Developments International, Managing Director – Royal Developments International, General Manager and Chief Operating Officer – The Wuthelum Group Singapore, and Executive Director – American Clubs International. Mr. Turner speaks 5 languages – English, French, Malay, Indonesian, and Mandarin. In addition, Mr. Turner was a professional athlete having competed on the ATP tour from 1985 to 1988 with 19 professional titles.

Mr. Aaron Jeanneret has been appointed General Manager and Director of Site Operations in the Sahl Hasheesh International Resort Community. Mr. Jeanneret has delivered almost USD 1 billion worth of various residential, commercial and resort‐type developments in Australia. He holds academic degrees in Construction Management, Architecture, a Graduate in Building and Construction from the Australian Institute of Building, and is a Registered Class 1 Designer & Builder in Australia. Mr. Jeanneret held positions as Development Manager, Construction Manager, Project Manager, and Contract Administrator with companies like Lend Lease, Hutchinson, Inter Pacific Resorts, and Matthews Construction Group. He is also the recipient of the 1997/1998 Baulderstone Hornibrook National Medallion Award from the Australian Institute of Building and was ranked Number 1 in the world in 2006/2007 for the 500‐meter and 1000‐meter indoor rowing.

Mr. Mohamed Kamel joined the company as Vice President for Corporate Development. Mr. Kamel has a BA in Economics and an MBA from Harvard Business School. Prior to his MBA, and during a 5‐year stint with KATO Investment, one of Egypt’s largest and most diversified industrial and services conglomerates, Mr. Kamel assumed various roles in manufacturing, aerospace, and logistics. Following his MBA, Mr. Kamel joined Bain & Company as a Consultant out of their London office. Mr. Kamel is a Master Scuba Diver, Private Pilot and holds degrees in both Aikido and Tae Kwando.

Finally, Mr. Abu Bakr Makhlouf joined ERC as Investor Relations Manager. Mr. Makhlouf has a BA in Commerce and an MBA from leading European Business School IESE in Spain. Mr. Makhlouf was previously with CEMEX where he was the Commercial Strategy Manager. Prior to his MBA, he assumed several roles with CEMEX in Strategic Planning and Commercial Sales. Mr. Makhlouf is a professional rower having led the National Rowing Team through two World Rowing Championships in Germany (1994) and Poland (1995), won Gold Medals in the African Rowing Championships ‐ 1993 and 1995 ‐ and was awarded Gold Medals for eight consecutive years in the National Championships.

Dr. Ibrahim Kamel, Chairman of Egyptian Resorts and KATO Investment – one of ERC’s largest shareholders commented on the new management changes: “Change is the essence of life and it is no different in business. Dr. Hussein Abu Seida did a marvelous job leading ERC through its first decade of operations. On behalf of the entire board of directors, we are grateful to him and thank him for the tremendous amount of value he created for our shareholders and for the foundations he laid down for our future expansion.

At this juncture, ERC is witnessing a critical transformation, one that requires the international expertise of some of the world’s best resort community developers and managers. Over the last decade, ERC built the necessary infrastructure to enable the world’s largest resort community attract some of the best sub‐developers in Egypt and from abroad. However, as the different sub‐developer‐owned hotels and residential compounds begin operations, the timing is right to utilize international expertise to manage the expanded business model of the company. ERC’s role towards the current sub‐developers shifts from a seller of land plots and design guidelines provider and supervisor to a utilities manager through the reticulation of water, electricity, and communications, as well as a community manager designing and enforcing the necessary systems to protect the resort’s architectural integrity and environmental amenity – critical aspects in differentiating the Sahl Hasheesh International Resort Community from other resort developments in the region.

We believe that Mr. Turner’s international experience and extensive access to the world’s best consultants, planners, and managers is an outstanding attribute to the future success of ERC. From hotel and resorts management to golf course and spa design to construction and development management and the world’s best practice techniques in community management and implementation, Mr. Turner and his new team will drive the company’s design development, operations, and communications to a world class level. Mr. Jeanneret’s outstanding experience and diverse academic background is invaluable to the success of the Sahl Hasheesh International Resort Community as on‐time, quality‐centric delivery proves critical.

On behalf of the entire board of directors and the company’s shareholders, we put all of our support behind Mr. Turner as we have absolute faith in his ability to lead this company and its new younger team to take the front stage in developing and managing fully‐integrated resort communities.”


About ERC
Egyptian Resorts Company S.A.E. (EGX:  EGTS.CA) is a master developer of international standard resort communities on a fully-integrated management basis. The company is incorporated in Egypt and headquartered in Cairo. Egyptian Resorts Company acquires broad land holdings suitable for premium mega resort development at nominal value. The company then creates a master plan in partnership with global architectural and urban planning firms, builds state-of-the-art infrastructure, implements design guidelines and community management rules and regulations, and then on-sells individual pre-designated plots to sub-developers and investors whose primary businesses are hotel ownership, operation and management, as well as luxury resort and residential real estate development. ERC is developing multiple recurring revenue streams that include the supply of utilities (water, electricity, communications) through its project partners, and community management and maintenance fees, as well as revenues generated by Sahl Hasheesh Company.

Investor Contact (ERC)
Abu-Bakr Makhlouf | Telephone +202 2735 8427
Head of Investor Relations | Fax +202 2735 2743
Egyptian Resorts Company | email