Orascom Development Holding, the developer of integrated towns with a strong foothold in the Middle East region, has said that its Egyptian unit – Orascom Development Egypt (ODE) is set to sell its entire stake in New City Housing and Development (formerly known as Orascom Housing Communities) for $8.2 million. In a statement, Orascom Development Holding explained that the ODE move to offload the New City Housing & Development stake comes in line with the company’s non-core assets divestment strategy to optimise its portfolio and enable it to further prioritise and reinforce efforts in its core business areas. New City Housing & Development is the first Egyptian company to focus on the devel
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