Egyptian real estate tycoon Samih Sawiris has decided to step down as chairman of Orascom Development Holding AG, according to a press statement issued by the company’s board.
He will be exiting the position after almost 30 years at its helm.
In addition, the notice stated that Sawiris will not seek re-election as chairman of the group at the next annual general shareholders meeting scheduled for spring 2022.
However, the tycoon will still retain his position as chairman and majority shareholder in one of the group’s subsidiaries, Andermatt Swiss Alps AG.
The board unanimously nominated his son, Naguib Samih Sawiris, to replace him at the group level. The nomination will be considered at the company’s next annual general meeting.
In line with the proposed succession plan, Naguib will also become the company’s majority shareholder.
Commenting on the development, the billionaire said: “Reflecting on the past 30 years, I am incredibly proud of everything we’ve built. It has been a rewarding journey, and I am grateful to everyone who has been a part of it.”
Connection to the Sawiris dynasty
Egyptian-Montenegrin real estate tycoon Samih Sawrisi is the first foreigner to receive honorary citizenship in the Swiss canton of Uri. He is the second son of the late Egyptian construction magnate, Onsi Sawiris.
Alongside his billionaire brother Nassef Sawiris, he owns the Aston Villa Football Club.
Samih founded Orascom Development Holding in 2008 after merging Orascom Projects for Touristic Development and Orascom Hotels and Development.
According to Forbes, he is the 26th richest man in Africa, with a net worth of $850 million.
Orascom Development Holding is a Swiss real-estate company. It covers four major business areas: hotels, real estate and construction, land sales and destination management.
The group operates 33 hotels with 7,198 rooms and controls 101.1 million square meters of land.
Orascom Development Holding earlier reported an impressive financial showing in the recently concluded first nine months of 2021 (9M 2021). The firm grew its top line by about 43 percent year-on-year to CHF 371.6 million ($401.8 million), as cash from operations also rose 15 percent to CHF 36.8 million ($39.8 million). Consequently, it made a net profit of CHF 9 million ($9.7 million) compared to the net loss of CHF 26.6 that it recorded during the same period last year.
As of press time, 12:00 PM (WAT) on Dec. 15, Orascom Development Holding’s share price was CHF 11.04 ($11.9).
Billionaires.Africa earlier reported that one of Samih’s billionaire brothers, Naguib Sawiris, had stepped down as chairman of Orascom Investment Holding. The company is part of the larger Orascom Group and specializes in telecommunications and media and technology.