One of the Egyptian resorts that built Orascom's name (Photo: Orascom)
Leading Egyptian real estate and hotels firm Orascom Development has appointed Gerhard Niesslein as its chief executive, the Swiss-listed company announced on Friday.
Samih Sawiris will remain executive chairman, focusing on the strategic development of the firm, which made its name building luxury resorts in Egypt before branching out into Europe.
"The changes will become effective at the latest as of Nov. 1, 2011," a statement from the company said.
Niesslein, 58, is an Austrian-Canadian who has previously held positions at Deutsche Bank and Commerzbank. Since 2008 he has been chief executive at IVG Immobilien AG in Bonn, a major European real estate firm managing assets worth some 22 billion euros.