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Egyptian billionaire businessman Samih Sawiris has announced his intention to embark on a substantial tourism project in Saudi Arabia’s Red Sea region, solidifying his commitment to expanding his business ventures through diversification.
The move comes as part of Sawiris’ strategic decision to shift his focus to Saudi Arabia and temporarily halt new investments in Egypt until stability is achieved in the local economy and currency.
Sawiris, widely regarded as one of Egypt’s wealthiest individuals, aims to deepen his involvement in the tourism sector by replicating the success of the renowned Egyptian city of El Gouna in the Saudi Arabian market.
The preliminary phase of the project is projected to attract a minimum investment of $500 million and will be carried out in collaboration with private-sector investors from Saudi Arabia.
As a prominent figure in both the business and tourism sectors, Sawiris derives a significant portion of his wealth from his stakes in global nitrogen and methanol producer OCI N.V. and Orascom Development, a company renowned for operating luxurious resorts across Egypt, Montenegro, and Switzerland.
The Egyptian billionaire’s foray into the Saudi Arabian tourism market follows a series of successful ventures in other countries.
In 2022, one of Sawiris’ companies, Andermatt Swiss Alps AG, a Swiss-based mountain resort company, sold a majority stake in Andermatt-Sedrun Sports AG to Vail Resorts, a U.S. resort company led by Kirsten Lynch, the former chief marketing officer known for her role in shaping Epic Pass.
Earlier this year, Sawiris and a group of four foreign investors signed a memorandum of understanding with the Moroccan Ministry of Tourism to revive a hotel resort managed by Essaouira Makador Station Development Company, highlighting his commitment to rejuvenating tourism in diverse locations.
In recent years, Sawiris has faced significant fluctuations in his net worth. Since surpassing $2.9 billion in 2008, his wealth has steadily declined by over $2 billion, currently amounting to $859 million at the time of this report.
