Egyptian Businessman Eng. Naguib Sawiris praised the government’s signing of contracts for the largest tourism project on the Red Sea in partnership with Emirati and Saudi investors, said that this will contribute to creating more job opportunities, driving growth, and boosting tourism activity.
This came during the opening of the 9th edition of the Think Commercial roundtable, held under the title: “The Real Estate Industry Driving Investment and Exports”, under the auspices of Ministry of Housing, Utilities and Urban Communities and Real Estate Development Chamber at Federation of Egyptian Industries.
Sawiris added that inbound tourism has witnessed a remarkable boom in recent times, which necessitates expanding hotel and tourism projects to meet growing demand.
He further highlighted that the private sector has delivered outstanding experiences in tourism development, particularly in the North Coast and the Red Sea, encouraging greater opportunities to attract investments in this sector.
The Egyptian Billionaire pointed out that encouraging the private sector through lowering interest rates, along with maintaining exchange rate stability, would positively impact the pace of project growth.
He noted that the continuous hike in interest rates over the past years, combined with increasing construction material costs, has placed heavier burdens on real estate developers and driven unit prices in the market to record-high levels.
He further explained that the Egyptian government recently launched a commendable initiative to increase dialogue sessions with the private sector and ease the challenges it faces. The state has also succeeded in resolving many issues of distressed factories and in encouraging investments across several fields, particularly in agriculture.
He called for continuing efforts to reduce the interest rate to 8%, which would stimulate growth and further remove barriers facing the private sector.
On the project to develop the Pyramids Plateau management system, Sawiris said he succeeded in delivering a project worthy of the area’s historic value — including improved entry and exit points, designated camel-riding paths, tourist trails, a visitors’ center, and upgraded transport options that enhance the cultural and touristic image of the Pyramids area.
Regarding his company’s latest updates, Sawiris revealed plans to consolidate his various businesses under the umbrella of Orascom Investment Holding, a listed company on the Egyptian Exchange (EGX). This move aims to strengthen the company’s market position, increase its value, and further promote activity on the EGX.
He also announced signing a cooperation protocol with the Sudanese government in the field of gold exploration investment.
