Egyptian billionaire Naguib Sawiris, the owner of the renowned Silver Sands Hotel chain, has acquired more than 20 acres of prime land in Barbuda — signaling the expansion of his luxurious hotel portfolio into the Caribbean tourism sector and the development of a luxurious addition to his prestigious hotel portfolio.
Sawiris ranked as the second-richest individual in Egypt and one of the wealthiest in Africa — with a net worth of $6.06 billion — has expressed his intention to transform the tranquil island into a coveted destination with the establishment of an expansive Silver Sands Hotel.
Building on his recent foray into the Iraqi real estate sector as part of efforts to bolster his businesses throughout the Middle East and North Africa, Sawiris seeks to solidify his presence further in the Caribbean. He has formally approached the government of Antigua and Barbuda for an additional 50 acres of land to accommodate an even larger facility.
Antigua and Barbuda’s Prime Minister Gaston Browne hails Sawiris’ investment as a legitimate boost
Addressing the nation over the weekend, Prime Minister Gaston Browne of Antigua and Barbuda lauded Sawiris’ investment as legitimate and beneficial. He emphasized the positive impact on the local population, assuring citizens that the project would create employment opportunities and enhance their overall quality of life.
“The future of Barbuda is excellent,” Browne declared, underscoring that the entire nation is poised to experience one of the most diversified periods of economic development in the Caribbean.
From telecom triumph to billion-dollar real estate ambitions
Before venturing into the Iraqi real estate sector, Sawiris, who amassed his $6.06-billion fortune mainly from the sale of his stake in Russian telecom company Vimpelcom for around $4.1 billion between 2011 and 2012, officially announced a commitment to invest approximately $1.2 billion in Uzbekistan in May.
These investments build upon the company’s commitment to constructing an industrial park in Uzbekistan, accommodating facilities for producing paint, varnishes, and chemicals used in building materials alongside a 100MW wind farm.
Sawiris’ recent ventures underscore his commitment to global economic development and strategic diversification in various sectors, further solidifying his position as a key player in the international business landscape.