Orascom Development has earmarked 2.5 million sq m of land for an affordable housing project in Romania, its first such project outside Egypt, it said on Friday.

The project, in which Orascom holds a 70 per cent stake, is expected to offer a total of 33,000 units developed over three equal phases. The first should be operational within five years, the firm said late on Thursday.

Swiss-based developer Orascom Development, which is also listed in Egypt, specialises in building and managing mixed-use resorts, but also owns hotels and budget housing.

It has projects in Jordan, the United Arab Emirates, Oman, Switzerland, Morocco, the United Kingdom and Turkey.-Reuters