Orascom Investment Holding, a leading investment firm led by Egyptian billionaire Naguib Sawiris, has announced plans to build four new hotels in Egypt with investments ranging from $200 to $300 million.
While speaking at the fourth annual economic conference of Hapi Journal, which was held under the theme, “Empowering the Private Sector,” the billionaire revealed that the new hotels will be built through Ora Development, an Egyptian joint stock company established in 2016, which develops projects similar to those seen in Europe.
“We plan to establish two hotels on the North Coast, another in Cairo, and a hotel in the Pyramids area,” Sawiris added, providing details on the locations of the new hotels that will be constructed in Egypt thanks to Orascom Investment Holding’s investments.
He went on to state that, aside from its interest in the hospitality sector, Orascom Investment Holding intends to work in Africa, particularly in new and renewable energy, because the continent offers some of the most appealing countries for energy investment due to high prices and its growing demand for electricity and energy.
Sawiris underscored that, despite all of Egypt’s structural and regulatory rigidity, which has a negative impact on investments and businesses, the Egyptian market has one of the highest profitability rates among neighboring regions, and that it could even be doubled.
Orascom Investment Holding, which traces its roots back to Orascom Telecom, has operated as a holding company with investments primarily in the telecom, media, and technology fields across core strategic markets in Europe, the Middle East, and North Africa since its inception in 2011.
Under the leadership of Sawiris, an Egyptian billionaire who holds a strategic role in the group, Orascom Investment Holding maintains the legacy of the region’s most successful, entrepreneurial, and pioneering telecoms operator.
Orascom Investment Holding reported a consolidated profit of EGP95 million ($4.83 million) in the first half of 2022, compared to a consolidated loss of EGP93 million ($4.74 million) in the first half of 2021.