Orascom Development Announces Leadership Changes in Europe. To Support Region’s Next Chapter of Growth

March 5, 2024

Maher Maksoud focusses role as CEO of ECOBOS. Raphael Krucker expands role as CEO of Andermatt Swiss Alps and Luštica Bay. Orascom Development, the leading international developer of vibrant, integrated communities in Europe, the Middle East and North Africa, announces strategic leadership changes for its European destinations, including Andermatt Swiss Alps in Switzerland, Luštica Bay in Montenegro, and ECOBOS in the UK.

ECOBOS, a UK-based joint venture established in 2010 between Orascom Development and Imerys, delivered its first homes in West Carclaze Garden Village last year. To drive ECOBOS's next phase, Maher Maksoud will prioritize advancing this development as CEO of ECOBOS and Orascom Development plans to bring in more investors to join the venture. Maksoud's invaluable contributions to Luštica Bay since his appointment as its CEO in 2020 are deeply appreciated.

Simultaneously, Raphael Krucker, CEO of Andermatt Swiss Alps, will take on the additional role of CEO of Luštica Bay. Krucker has been leading Andermatt Swiss Alps since 2020, guiding it to become the Prime Alpine Destination with a dedicated team accelerating its growth as a year-round destination. Under Krucker’s guidance, Orascom Development sees vast opportunities for both Andermatt Swiss Alps and Luštica Bay to integrate more deeply into the organization and collaborate closely with its centres of excellence. This strategic move aligns with Orascom Development's commitment to creating consistency and greater impact across all destinations.

Omar El Hamamsy, Group CEO of Orascom Development, stated: "Since taking the helm at Orascom Development in 2020, I am proud of the significant progress Orascom Development has made on our transformational journey from a family-owned business to a global institution. Overcoming difficult market challenges, we have achieved a pivotal turnaround, shifting from a decade of losses to profitability since 2021. With the addition of 250 new leaders throughout our organization, we have not only advanced our team but also accomplished significant milestones – selling 2,000 homes and hosting 2.5 million hotel guests in the past year alone.”

Mr. El Hamamsy continued: “Maher and Raphael have proven their strong leadership skills, and this updated operating model is designed to strengthen the next phase of growth for Orascom Development's three European destinations. Our commitment to attracting and investing in top talent, elevating our customer experience, uplifting commercial and operational activities, increasing efficiency and collaboration, and enhancing our sustainable practices fuels our growth trajectory. Confident in our collective endeavours, we are positioned for even greater success going forward as a destination developer in Europe, the Middle East, and North Africa.”

Raphael Krucker, CEO of Andermatt Swiss Alps and Luštica Bay, commented: “I am extremely pleased to be able to take on additional responsibility within Orascom Development. In Luštica Bay, the aim will also be to accelerate quality growth as we have successfully done in Andermatt over the past four years to become the Prime Alpine Destination.”

Maher Maksoud, CEO of ECOBOS, added: “I am excited to lead the next phase for ECOBOS as we progress the development and bring in more investors. Together with our partners, we will build on our successes and create a lasting impact in the UK.”

The transition of responsibilities is scheduled to be completed by the end of Q2 2024.

Andermatt Swiss Alps AG – Welcome home.

Andermatt Swiss Alps AG, with registered office in Andermatt, plans, builds, and develops the year-round destination of Andermatt. In 2009 Andermatt Reuss came into being, with apartment buildings, hotels, and villas. The Andermatt Swiss Alps Group owns the The Chedi Andermatt and Radisson Blu Reussen hotels, the holiday apartments Andermatt Alpine Apartments, an 18-hole, par-72 championship golf course and the Andermatt Concert Hall. A close partnership is in place with Andermatt-Sedrun Sport AG (Andermatt-Sedrun mountain railways, various restaurants, the Swiss Snowsports School Andermatt and the sport shop Gleis 0) and its majority shareholder Vail Resorts, Inc. for developing the destination. Vail Resorts, the largest operator of ski resorts, and Andermatt Swiss Alps are together pursuing the vision of becoming The Prime Alpine Destination. In doing so, they are committed to an intact environment and a sustainable future that will enable coming generations to have an extraordinary home. During high season, Andermatt Swiss Alps and Andermatt-Sedrun Sport AG have more than 1,000 employees working at the locations in Altdorf, Andermatt and Sedrun.

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