Egyptian billionaire Naguib Sawiris has confirmed that there are no plans to list Ora Development shares on the Egyptian Exchange (EGX), despite speculation about the firm’s planned listing.
An Egyptian joint stock company established in 2016, Ora Development develops projects similar to those seen in Europe.
Its development projects include Pyramid Hills, Silversands, Zed East in the heart of Cairo, and ZED Sheikh Zayed, a 165 Feddan of luxurious real estate surrounding the one-of-a-kind Zayed Central Park.
The billionaire also revealed that the Egyptian joint stock company will not make any significant acquisitions while issuing a statement at the fourth annual economic conference of Hapi Journal, which was held under the theme, “Empowering the Private Sector.”
Sawiris said the parent company of Ora Development, Orascom Investment Holding, has been instructed to invest in Africa, specifically in new and renewable energy, and that it is presently looking to install electric vehicle charging stations on the world’s second-most populous continent.
He added that Ora Development plans to invest $200 million to $300 million through Orascom Investment Holding in the construction of four hotels in Egypt, two of which will be built at North Coast and two of which will be constructed in the vicinity of Cairo and the Pyramids.
Since its founding in 2011, Orascom Investment Holding, a holding company with roots in Orascom Telecom, has made investments primarily in the real estate, telecom, media, and technology sectors across key strategic markets in Europe, the Middle East, and North Africa.
Orascom Investment Holding upholds the legacy of the region’s most prosperous, enterprising, and forward-thinking telecoms operator under the direction of Sawiris, an Egyptian billionaire who plays a strategic role in the organization.
In the last two years, Sawiris’ net worth has grown by $400 million, from $3 billion in 2020 to $3.4 billion in 2022.
