Egyptian billionaire Naguib Sawiris, the CEO of Orascom Investment Holding (OIH), has officially confirmed the company’s plans to invest in Iraq’s real estate sector.
The announcement came after Sawiris held a meeting with Iraq’s Prime Minister Mohammed Shia al-Sudani, and he took to his official Twitter account to share the news.
The move marks OIH’s entry into Iraq’s real estate development after nearly two decades of focusing on the communications sector. It signifies a significant step toward diversifying the company’s portfolio and expanding its extensive regional footprint.
In a separate development earlier this year, Sawiris met with Haider Makiya, the chairman of Iraq’s National Investment Commission, to explore potential investment opportunities in the country.
This recent investment plan follows Sawiris’ commitment to invest approximately $1.2 billion in Uzbekistan, which he unveiled in May. The announcement came shortly after he met with Uzbekistan’s President Shavkat Mirziyoyev.
OIH aims to invest in various sectors within Iraq, including food production, geological exploration, metal mining, hotel complex management, and solar and wind power plant development.
These investments build upon the company’s commitment to construct an industrial park in Uzbekistan, which will accommodate facilities for producing paint, varnishes, and chemicals used in building materials alongside a 100MW wind farm.
Established in 1997 as Orascom Telecom Holding, OIH later rebranded itself and expanded its investments into various sectors. The holding company’s current assets include Orascom Development, Orascom Construction, and Orascom Technology Solutions company.