Orascom Investment Holding announced that Eng. Tamer EL Mahdi, Chief Executive Officer, has submitted his resignation from his role as Member of the Board of Directors and CEO of the company during the board meeting held on November 3, 2019, for personal reasons. The Board of Directors expressed its understanding of the reasons for resignation and approved the resignation of Eng.

Tamer EL Mahdi from the Board of Directors and as CEO of the company to be effective as of December 31, 2019. The company also approved the appointment of Mr. Naguib Sawiris, Executive Chairman of the company, as Executive Chairman and CEO. Mr. Sawiris' assumption of the responsibilities of CEO in person indicates his commitment to OIH and his keenness to drive the growth of the company forward and explore its full potential.