Orascom Development appoints chief executive

Real estate and hotels firm Orascom Development has appointed Gerhard Niesslein to become its new chief executive, the Swiss-listed firm said on Friday.

Samih Sawiris will remain executive chairman focusing on the strategic development of the company, known mostly for building luxury resorts in Egypt. The firm also has projects in Europe.

"The changes will become effective at the latest as of Nov. 1, 2011," the company said in a statement.