Samih Sawiris, the youngest son of Egyptian construction magnate Onsi Sawiris heads Orascom Construction, which builds and operates motels in Egypt, Montenegro, and Switzerland.
The Egyptian businessman lately announced plans to embark on a substantial tourism mission in Saudi Arabia’s Red Sea space. This shift will solidify his dedication to expanding his commerce ventures via diversification.
As Samih shifts his focal point to Saudi Arabia, new investments in Egypt will most definitely be in transient placed on withhold till balance is completed in the native economic system and foreign money.
Acknowledged as one of many wealthiest men in Egypt, Sawiris derives an even portion of his wealth from his stakes in global nitrogen and methanol producer OCI N.V. and Orascom Construction, an organization principal for working luxurious motels all over Egypt, Montenegro, and Switzerland.
Samih’s Shift to Saudi: All it is possible you’ll perhaps presumably hang got to Know
Samih plans to deepen his involvement in the tourism sector by replicating the success of the principal Egyptian city of El Gouna in the Saudi Arabian market.
Billed to intention a minimal investment of $500 million, the preliminary section of the Saudi mission will most definitely be applied in collaboration with non-public-sector merchants from Saudi Arabia.
Talking relating to the mission, Samih acknowledged, “The mission will miss out on the Red Sea, and this may even be applied in partnership with merchants from the Saudi non-public sector.
He additional acknowledged, “I also intend to pump new investments in El Gouna at a price of $100 million internal two years, and there may be an inclination to develop a brand new hotel and toughen the present accommodations.”
Samih’s yarn of profitable ventures
In 2022, one of Samih Sawiris’ companies, Andermatt Swiss Alps AG, a Swiss-based mostly entirely mountain resort company, bought a majority stake in Andermatt-Sedrun Sports AG to Vail Accommodations, a U.S. resort company led by Kirsten Lynch.
Earlier this year, Sawiris and a neighborhood of four international merchants signed a memorandum of working out with the Moroccan Ministry of Tourism to revive a hotel resort managed by Essaouira Makador Website online Construction Company. The deal highlights his dedication to rejuvenating tourism in diverse places.
His family is among the richest in Africa with a blended obtain price of $12.9 billion.