Egyptian billionaire Naguib Sawiris’ Ora Developers – formerly Gemini Global Development – has announced a new rebrand and launch at Cityscape Global in Dubai that company officials say will consolidate all the shares and investments of a number of other companies.
The group has a number of major developments with a collective sales value of over $2.5 billion, including luxury residences in the Caribbean island of Grenada, a 250 million euro luxury marina in Ayia Napa, Cyprus, an upscale real estate project near the Pyramids of Giza in Egypt, as well as a 2.7 million sq yard development with over 2,000 residential units and a 7,200-yard golf course in Islamabad, Pakistan.
“In Pakistan, for example, the investments were all done via a couple of companies owned by Naguib Sawiris. Other projects had a similar kind of structure” explained Tarek Hamdy, the CEO of Elite Estates Private Limited on the sidelines of Cityscape Global in Dubai.
“The idea is to launch a bigger vehicle to encompass all of the projects and to gather all of the shares and consolidate all the investments under one big brand.”
Haris Koreas, the deputy CEO of Ora’s Ayia Napa Marina project, said that the ultimate aim of Ora Developments will be to create “lifestyle” destinations in destinations that may lack comparable developments or that remain largely underserved.
“We aim to be more than just a real estate developments. If you see all of the projects and all the countries we have projects, this is what we offer,” he said. “These are destinations which offer mixed-use developments. “In Pakistan, for example, there’s a golf course, residential and commercial. They’re building a new city.”
Although both men declined to give specific details of Ora Development’s further plans outside of Grenada, Cyprus, Pakistan and Egypt, Hamdy said that the Sawiris is currently examining possibilities in other destinations.
“I know for a fact that Naguib has had a few meetings in Africa…he’s been meeting statesmen and presidents of various countries, Gambia for example, and Sao Tome and Principe,” he said. “He likes to travel the world, meet with the guys and see what are the best opportunities for development.”
Sawiris is best known as the CEO of Orascom Telecom Media & Technology, a position from which he stepped down in 2017. He also has diverse business interests around the world, including a 20 percent stakes in an Australia and Toronto-listed gold mining firms.
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