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Ora Developers, a real estate operator and joint stock company founded by Egyptian billionaire Naguib Sawiris, has signed a contract with Orascom Construction for the construction of phase one of its Silversands project on the North Coast worth EGP2.50 billion ($103.1 million).
Silversands is Ora Developers’ latest mixed-use development project on Egypt’s sandy North Coast. The development project, which offers a luxurious community on the Mediterranean coast, is in line with the firm’s plans to expand its operations in the region’s real estate and property market.
The signing ceremony for the $103.1-million construction contract with Orascom Construction, a Cairo-based construction firm majority owned by Egypt’s richest family, the Sawiris family, took place at the Ora Developers Egypt offices in the Nile City Towers.
The multimillion-dollar deal comes nearly four weeks after Naguib Sawiris, CEO and chairman of Ora Developers Group, announced plans to build four new hotels in Egypt with investments ranging from $200 million to $300 million through Ora Developers.
In light of the recent agreement, Haitham Mohamed, CEO of Ora Developers Egypt, stated that the deal aligns with Ora Developers’ strategic expansion plans and its goal, which has always been to provide best-in-class solutions and ensure outstanding results and quality.
“We are pleased to work with Ora Developers Egypt again, this time on their new flagship project on the North Coast,” Osama Bishai, CEO of Orascom Construction, said.
“We have already started construction on the first phase of ZED Sheikh Zayed and look forward to working with you on the development of Egypt’s North Coast,” he added.
Ora Developers, a real estate operator and joint stock company founded by Sawiris, is one of the many subsidiaries of Orascom Investment Holding, a holding company with investments primarily in the real estate, telecom, media, and technology sectors across key strategic markets in Europe, the Middle East, and North Africa.
