Table of Contents
Key Points
- Orascom Development Egypt finalized a key property sale in O West to Seoudi Supermarket for EGP332 million ($6.8 million).
- The transaction marks the first supermarket in O West, enhancing community living and aligning with Orascom’s strategy for sustainable, community-centric developments.
- Orascom Development Egypt reported a 41.4% revenue increase in Q1 2024, with consolidated revenue up 65% in the first half of 2024.
Orascom Development Egypt, a subsidiary of the Swiss-based Orascom Development Holding (ODH) majority-owned by Egyptian billionaire Samih Sawiris, has finalized the sale of a key commercial property within its O West development to Seoudi Supermarket for EGP332 million ($6.8 million).
The transaction introduces the first supermarket to the O West community, enhancing both the residential and visitor experience. According to a statement from Orascom, the move is part of the company’s broader strategy to create value from its investments while refining its portfolio to include assets that contribute to sustainable, community-centric destinations.
Orascom’s evolution under Egyptian billionaire Samih Sawiris
Orascom Development Egypt operates under the larger umbrella of Orascom Development Holding, which was established in 2008 by billionaire businessman Samih Sawiris through the merger of Orascom Projects for Touristic Development and Orascom Hotels and Development.
Under the leadership of Samih Sawiris’ son, Naguib Samih Sawiris, Orascom Development Holding manages a diverse portfolio of 33 hotels spread across seven countries, including Egypt, the UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom.
Impressive financial gains and strategic expansion
With Naguib Samih Sawiris at the helm, Orascom Development Egypt saw a 65 percent revenue increase in the first half of 2024, reaching EGP10.21 billion ($208 million), up from EGP6.19 billion a year earlier. The company ended 2023 with a record revenue of EGP19.5 billion ($631 million), a sharp rise from EGP11.1 billion ($360 million) in 2022.
It recently secured an expansion agreement with Egyptian authorities for its Makadi Heights project, which permits further development in Makadi Bay, reinforcing its standing as a leading tourist destination.
