Amid efforts to mitigate business risk in his home country, Egyptian billionaire businessman Samih Sawiris has declared a hold on new investments in Egypt until the local economy and currency exhibit signs of stability.
The recent decision by Sawiris, who ranks as one of the richest businessmen in Egypt comes less than 24 hours after one of his companies, Orascom Development, announced the start of its first deliveries of residential units in the country.
Sawiris, while discussing his investment plans, expressed a keen interest in investing in Saudi Arabia either through Orascom Development Holding or directly. He disclosed that the Saudi market represents the future of the region and has made significant strides in eliminating bureaucratic hurdles related to investments.
The Egyptian billionaire revealed that the real estate market in Egypt is undergoing a correction phase, leading some companies to withdraw from the market due to their inability to fulfill their commitments to customers.
He added that despite the challenges posed by inflation, reputable companies operating in the Egyptian real estate market are persevering.
According to him, these companies have not accounted for the high inflation levels in Egypt and the world, leading to price hikes.
In February, a group of four foreign investors led by Sawiris signed a memorandum of understanding with the Moroccan Ministry of Tourism to revive a hotel resort managed by Essaouira Makador Station Development Company.
The investors will inject $385 million into the project, which will fund various development initiatives, including the expansion and refurbishment of the hotel, the conversion of its clubhouse into a boutique hotel, the construction of a new clubhouse to enhance the Club Med experience, and the creation of three additional waterfront hotels.
