Egypt’s second-richest man unveils $1.2 billion in investment projects in Uzbekistan

Omokolade Ajayi -

Orascom Investment Holding, an Egypt-based investment holding led by Egyptian billionaire Naguib Sawiris, has unveiled plans to embark on multiple investment projects in Uzbekistan, with a total value of $1.2 billion.

The announcement came during a Monday meeting between Egypt’s second-richest man Naguib Sawiris and Uzbek President Shavkat Mirziyoyev.

Orascom Investment Holding intends to allocate $1.2 billion to various sectors, including food production, geological exploration, metal mining, hotel complex management, and solar and wind power plant development.

Uzbekistan, a Central Asian nation, offers attractive incentives to foreign investors, such as rich natural resources, political and economic stability, intellectual potential, a favorable geographic location, and advanced infrastructure.

This strategic move by Orascom Investment Holding underscores the company’s commitment to expanding its investment interests beyond the Middle East and establishing a strong presence in Central Asia.

The $1.2-billion investment plan builds upon the company’s earlier commitment to construct an industrial park in Uzbekistan, which will house facilities for producing paint, varnishes, and chemicals for building materials, along with a 100-MW wind farm.

Orascom Investment Holding recognizes the vast potential in Uzbekistan and aims to leverage its resources and expertise to drive economic growth and development in the country.

While the company is renowned for its success in the telecom industry, particularly with Orascom Telecom, which was sold to Russian telecom firm VimpelCom in 2011, Orascom Investment Holding has been actively diversifying its investment portfolio in recent years.

This shift in focus led to a strategic partnership agreement with BluEV, a leading information technology, and transportation engineering company, earlier this year.

The collaboration aims to revolutionize the global transportation sector by promoting environmentally friendly practices and affordable solutions through the use of the BluEV network, smart battery exchange stations, and an integrated digital platform.

Orascom Investment Holding’s latest venture aligns with the company’s vision and resources, as well as the National Climate Change Strategy 2050, launched before the UN Conference COP27.

By investing in Uzbekistan and expanding its presence in Central Asia, Orascom Investment Holding is poised to capitalize on new opportunities, further diversify its investment portfolio, and drive sustainable development in the region.