Samih Sawiris, the youngest son of Egyptian construction magnate Onsi Sawiris heads Orascom Development, which builds and operates resorts in Egypt, Montenegro, and Switzerland.
The Egyptian businessman recently announced plans to embark on a substantial tourism project in Saudi Arabia’s Red Sea region. This shift will solidify his commitment to expanding his business ventures through diversification.
As Samih shifts his focus to Saudi Arabia, new investments in Egypt will be temporarily placed on hold until stability is achieved in the local economy and currency.
Known as one of the wealthiest men in Egypt, Sawiris derives a significant portion of his wealth from his stakes in global nitrogen and methanol producer OCI N.V. and Orascom Development, a company renowned for operating luxurious resorts across Egypt, Montenegro, and Switzerland.
Samih’s Shift to Saudi: All you need to Know
Samih plans to deepen his involvement in the tourism sector by replicating the success of the renowned Egyptian city of El Gouna in the Saudi Arabian market.
Billed to attract a minimum investment of $500 million, the preliminary phase of the Saudi project will be carried out in collaboration with private-sector investors from Saudi Arabia.
Speaking about the project, Samih said, “The project will overlook the Red Sea, and it will be implemented in partnership with investors from the Saudi private sector.
He further said, “I also intend to pump new investments in El Gouna at a value of $100 million within two years, and there is a tendency to build a new hotel and upgrade the existing hotels.”
Samih’s record of successful ventures
In 2022, one of Samih Sawiris’ companies, Andermatt Swiss Alps AG, a Swiss-based mountain resort company, sold a majority stake in Andermatt-Sedrun Sports AG to Vail Resorts, a U.S. resort company led by Kirsten Lynch.
Earlier this year, Sawiris and a group of four foreign investors signed a memorandum of understanding with the Moroccan Ministry of Tourism to revive a hotel resort managed by Essaouira Makador Station Development Company. The deal highlights his commitment to rejuvenating tourism in diverse locations.
His family is one of the richest in Africa with a combined net worth of $12.9 billion.
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