Ora Developers, an Egyptian-headquartered property developer, has revealed plans to invest $1 billion in growing its presence in Africa.
Naguib Sawiris, the chairman and CEO billionaire of luxury property development company, Ora Developers, announced during the Cityscape Global tradeshow held in Dubai this past week that the company would be investing at least US$1 billion into growing its footprint on the African continent.
As part of its strategy, the company will develop resorts in several African markets.
“Right now, we’re looking at other locations, primarily in Africa. I’ve just arrived from Senegal… We want to build a seven-star hotel, which does not exist there, and possibly a resort,” commented Naguib.
Ora Developers has also indicated that it is considering investment opportunities within Ghana and the Democratic Republic of the Congo.
Meanwhile, back home in Egypt, Ora is currently developing three sizeable mixed-use projects with a combined value of between $10-11 billion. The projects are comprised of Silversand, on Egypt’s north coast; Zed West; and Zed East.
Thus far, Ora Developers has a footprint in Cyprus, Grenada, Great Britain, Greece and Pakistan. Ora is in the process of developing a large residential project in Pakistan’s capital, Islamabad. This is reported to include commercial spaces and a golf course with interest expressed in further development in the country.
“We’re also considering going to Karachi and doing a high-rise project there,” noted Naguib.
About the Sawiris family
The Sawiris family is an Egyptian family with vast assets and investments. In addition to owning the Orascom conglomerate, the Sawiris family have significant interests in construction, tourism, technology and other industries, as well as having a major shareholding in the British football club, Aston Villa.
The patriarch of the family, Onsi Sawiris, passed away in June this year. His three sons, Naguib, Nassef and Samih Sawiris, are at the helm of the behemoth he created.
In addition, the family actively engages in social-economic upliftment through the Sawiris Foundation for Social Development.
