Billionaire Samih Sawiris’ firm seals extension deal with Egyptian authorities

Timilehin Adejumobi -

Key Point

  • Orascom Development Egypt extends Makadi Heights project with significant Tourism Development Authority agreement, enhancing its tourist destination status.
  • Makadi Heights, covering 3.4 million sqm, exemplifies community living by Orascom Development, designed atop a 78m elevation.
  • Orascom Development Egypt reports a Q1 2024 revenue surge of 41.4%, continuing strong growth under Samih Sawiris’ leadership.

Orascom Development Egypt (ODE), a subsidiary of Orascom Development Holding (ODH), the Swiss real estate firm majority-owned by Egyptian billionaire Samih Sawiris, has finalized an extension agreement with Egyptian authorities for its Makadi Heights project.

Makadi Heights for Tourism Development, a crucial unit of ODE, has secured an extension from the Tourism Development Authority, granting an additional grace period of over eight years to further develop its project in Makadi Bay.

This extension enables Makadi Heights to expand and develop the remaining lands in Makadi Bay, bolstering its position as a premier tourist destination. In return for this extension, Makadi Heights will pay $5.6 million over ten years, with $1.1 million already remitted and the remainder scheduled in installments.

Makadi Heights: Community living redefined

Makadi Heights, covering 3.4 million square meters, stands as a model of integrated community living by Orascom Development, designed to meet diverse community needs atop its 78-meter elevation above sea level.

Orascom Development Egypt operates under the umbrella of Orascom Development Holding, founded in 2008 by Samih Sawiris through the merger of Orascom Projects for Touristic Development and Orascom Hotels and Development.

In the first quarter (Q1) of 2024, Orascom Development Egypt reported a robust 41.4 percent increase in revenue, rising to EGP4.18 billion ($89.06 million) from EGP2.95 billion ($62.96 million) year-over-year, continuing its strong performance following a 74.9 percent revenue surge in 2023.

Orascom Development: Diverse hotel investments

Orascom Development Holding which is now led by Samih Sawiris’ son, Naguib Samih Sawiris, boasts a diversified portfolio spanning 33 hotels across seven countries, including Egypt, UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom.

Notable destinations include El Gouna, Taba Heights, Makadi Heights, O-West, and Byoum in Egypt; The Cove in the UAE; Jebel Sifah and Hawana Salalah in Oman; Luštica Bay in Montenegro; and West Carclaze Garden Village in the UK.