Orascom Development Announces Launch of Inaugural «Life With Purpose» 2023 ESG Report
Orascom Development Holding, a leading international developer specializing in vibrant, integrated communities in Europe, the Middle East, and North Africa, announces the launch of its first Environmental, Social, and Governance (ESG) report, titled “Life with Purpose”. This milestone provides an account of Orascom Development’s efforts to drive long-term sustainability, social responsibility, and transparent governance.
This report comes as the first consolidated showcase of Orascom Development’s sustainability efforts and impact across its diverse portfolio of destinations, and its continued path forward towards a future where people and planet are at the forefront. The international developer also embraced the recommendations of the Global Reporting Initiative (GRI) and the United Nations Sustainable Development Goals (SDGs), demonstrating its commitment to upholding environmental stewardship, social responsibility, and sound corporate governance.
Omar El Hamamsy, Orascom Development Group CEO, stated, “Since we began 35 years ago, Orascom Development has been inspired by the belief that we help our customers discover “Life As It Should Be”. Today, this principle extends beyond simply living a good life but also is rooted in living life for good and with purpose. This is placemaking at its best and most purposeful. By aligning our first ESG report with the UN’s SDGs, we are sending a clear message: businesses can and should be a force of life for good and with purpose. From protecting the environment to empowering communities, we are dedicated to creating lasting value for all stakeholders.”
Orascom Development’s stakeholders span private and public sector partners that help to build the foundations of resilient, prosperous, and sustainable economies and communities. These communities cater to a diverse premium customer base, while providing job opportunities, access to healthcare and learning, housing, and public places for the wider society. Orascom Development also prioritizes the professional development, well-being, and safety of nearly 9,000 talented team members from 63 nationalities who are the bedrock of all these destinations; 100% of which received regular performance reviews in 2023 and are part of ongoing learning and development programs.
Orascom Development’s environmental commitment is best reflected in proactive, impactful measures through responsible water and energy management. For example, El Gouna introduced BRITA water filtration systems across its hotels, encouraging guests to refill bottles, reducing the use of single-use plastics. By offering clean and eco-conscious drinking water through these water filtration systems, this initiative saved approximately 115,000 plastic bottles each year from entering landfills or polluting marine environments. El Gouna is also actively contributing to the reduction of carbon emissions through the implementation of a photovoltaic (PV) solar power system. With a current capacity of 7.2 Mega-Watt peak (MWp), the system reduces the destination’s dependence on conventional energy sources; currently, supplying 9% of El Gouna’s total energy consumption and it is being expanded to have an even greater impact going forward. This signals to stakeholders Orascom Development’s intent to tackle climate change impacts head-on and pave the way for a healthier planet.
Orascom Development’s social efforts are also showcased through various initiatives. For example, The Chedi Luštica Bay collaborates with a local school in Tivat, Montenegro to provide opportunities for students from the Secondary Culinary and Electrical Engineering schools to learn and practice at the hotel.
Orascom Development’s hotels achieved key certifications for their adherence to environmental management and sustainability standards, including EarthCheck, Green Key, ISO 14001, and ISO 21401. Hotel initiatives are based on the Global Sustainable Tourism Council (GSTC) criteria and the global standards for sustainability in travel and tourism with the objective to consistently meet and often exceed recognized benchmarks for environmental and social responsibility.
For more information and to access the full ESG report, please visit the Sustainability page of OrascomDevelopment.com.
