Egyptian billionaire Naguib Sawiris to launch real estate project in Iraq, expanding reach across MENA region
Billionaire businessman Naguib Sawiris, ranked as Egypt’s second-richest man, revealed plans to venture into the Iraqi real estate sector as part of his efforts to bolster his businesses throughout the Middle East and North Africa (MENA).
The announcement was made on his official Twitter account following a meeting with Iraqi Prime Minister Mohammed Shia Al-Sudani.
“A fruitful brotherly meeting for a giant project in Baghdad. God willing, with my wishes to the President of success in achieving his aspirations for a prosperous future for the Iraqi people,” Sawiris tweeted, expressing optimism about the project.
Sawiris’ decision to invest in Iraq’s real estate development marks a significant move nearly two decades after his prior investment in the country’s telecom sector.
The endeavor further expands his extensive regional presence, particularly through his investment firm, Orascom Investment Holdings.
Established in 2011 by Sawiris, Orascom Investment Holding initially focused on the telecom, media, and technology industries. However, the company has since diversified its portfolio to include sectors with substantial growth potential, transformational prospects, and a positive impact on local communities.
Earlier this year, Sawiris, who serves as the CEO of Orascom Investment Holding, met with Haider Makiya, the chairman of Iraq’s National Investment Commission, in Baghdad. During the meeting, they explored investment opportunities in the real estate sector with Orascom Investment Holding.
In line with its commitment to diversify investment interests beyond the Middle East and establish a robust presence in Central Asia, Orascom Investment recently unveiled plans for multiple investment projects in Uzbekistan, with a combined value of $1.2 billion.
The decision follows a meeting between Sawiris and Uzbek President Shavkat Mirziyoyev. The investment projects in Uzbekistan will encompass various sectors, including food production, geological exploration, metal mining, hotel complex management, and solar and wind power plant development.