Cairo, 25 March 2011 -- Building on the success of its flagship project in Egypt, “Haram City”, Orascom Housing Communities (OHC) maintains its scheduled progress of the newest phase, “Haram Life”. The new phase will span an area of more than 504,000 square meters and will include more than 4,500 housing units upon completion. To date approximately 600 units have been sold and their delivery is on track for the scheduled date.

“Egypt’s population is growing rapidly at 1.5‐2% per annum with 48% of the population between the ages of 15 to 45 and an average of 540,000 marriages per annum. The latter generates enormous demand for affordable housing, and according to statistics, there is a shortage of tens of thousands of units every year. OHC is constantly striving to meet this continuing demand and we are committed to developing high-quality affordable housing units”, said Omar Elhitamy, Managing Director, OHC.

Haram Life offers clients designs with modern architectural layouts; the 35 buildings currently under construction will have either 8 or 16 apartments. The newly adopted architecture caters to a larger pool of Egyptian society by providing an additional option. Buyers can choose from two-, three-, and four-bedroom apartments, with all units including a living room, kitchen and bathroom.

To further facilitate the purchase of Haram Life units, OHC has modified payment terms and conditions. The unit’s down‐payment can be amortized over a period of 12 months after which the buyer starts settling the mortgage payments. Also, prospective buyers can choose between semi‐finished or finished units that are expected to be delivered within two years of purchase.

For further details regarding residential units and payment facilities, potential buyers are encouraged to contact OHC’s hotline, 19370, or visit its website, www.orascomhc.com.