Egypt’s Ora Group Plans to Attract Investments of $15 Billion in 101-15 years

Cairo-based Ora Developers, a leading name in the field of designing and developing luxury lifestyle destinations in unique locations, is developing an integrated urban project in the Emirates, and has plans to attract investments to the tune of $15 billion over the next 10-15 years.

In an interview with Doha-based Arabic daily Al Sharq, Ora Group’s Chairman and CEO Naguib Sawiris, said that the first phase of the “ZED” real estate project in Sheikh Zayed City, located in west of Cairo, will be completed soon.

He also said that he did not earn a “single pound from the project” as the prices of residential apartments increased three times compared with 2020 and the interest on loans to real estate developers was very huge.

According to the Egypt Purchasing Managers’ Index (PMI) for November issued by S&P Global, the level of confidence among non-oil private sector companies in Egypt has declined to the lowest level in nearly 12 years due to the high inflation rate and the continuing decline in production and new orders. The Egyptian Prime Minister Mostafa Madbouly said last month that the foreign currency crisis, being witnessed by the country would end soon.

Sawiris Invests $1 Billion in Egypt

Sawiris, who is ranked among the 500 richest billionaires in the world according to the Bloomberg Rich Index, said that his investments in Egypt exceed $1 billion. It is expected that two new projects – one in the Fifth Settlement, east of Cairo, in an area of ​​175 acres, and the second project located in northwest coast in an area of ​​128 acres – will be launched during 2024.

He also disclosed that his company was awaiting necessary approvals to establish a new hotel near the Pyramids tourist area. The project will not receive bank financing, and the partners will be announced in the near future, he said.

Will Not Quit Egypt

The Egyptian businessman confirmed that his billionaire brother, Nassef Sawiris, with assets to the tune of $7.6 billion, will continue his to investments in Egypt, and he transferred only his family to the UAE “to manage his businesses only.”

According to a Bloomberg report, Nassef Sawiris intends to re-domicile his NNS Group in the Abu Dhabi Global Market, subject to regulatory approval. From there, NNS Group aims to build significant stakes in a concentrated number of companies, primarily in Europe, the Middle East and North America, the Bloomberg report said.

Naguib Sawiris also said that plans were underway to develop a huge urban project in Baghdad that will be unparalleled. He will be returning to Iraq after nearly two decades when he had invested in the Iraq’s telecommunications sector about 20 years ago.