Egypt’s Orascom Development Holding (ODH) has signed a nine years’ lease agreement with a German-based company to lease the first office building in El Gouna for a total amount of USD 6.7 mn, Invest-Gate reports.

ODH will build the commercial building at Al-Bustan area, South of El Gouna, and is scheduled for completion by June 2019, according to a company’s statement.

The building will have an overall land area of 7,955 square meters and a built-up area of 6,330 square meters.

ODH elucidates that the German company will move their business processes outsourced from Bavaria in Germany to El Gouna “with more than 400 employees of different nationalities,” noting that the agreement is another prosperous step under the developer’s strategy of turning El Gouna to an all-year-round business destination and growing the number of its residents.

“The establishment of this first business park will also position El Gouna as a regional business hub and encourage more local and international companies to consider having their headquarters and/or back offices in the destination,” the statement reads.