Samih Sawiris Steps Down as Orascom Development Chairman
Sawiris plans to transfer the role to his son, Naguib Samih Sawiris, with the board of directors unanimously agreeing to propose for his inclusion in the election at the next annual assembly meeting.
After over 30 years, billionaire construction tycoon Samih Sawiris will step down as chairman of Orascom Development Holding, with his son, Naguib Samih Sawiris, set to take over his role.
As the largest shareholder in the company, Naguib Samih Sawiris plans to cooperate more closely with the Egyptian government, and cement Orascom Development Holding as a permanent partner in tourism and real estate development throughout Egypt.
Orascom Development Holding has been responsible for some of the biggest real estate projects in Egypt and beyond, such as the development of integrated towns like O West in 6th of October City and El Gouna in the Red Sea, and luxury hotels like the Chedi Hotel Andermatt in the Swiss Alps and the Chedi Luštica Bay Hotel on the coasts of Montenegro.