More on Ora’s mega UAE project: Sawiris-owned Ora Developers has partnered with Abu Dhabi investment firm Q Holding for a USD 10 bn real estate project project in the Ghantoot area between Abu Dhabi and Dubai, Naguib Sawiris told Asharq Business. The 15 mn-sqm mega real estate project should be completed within the coming 10-15 years, he had previously said. The project is expected to make up to USD 15 bn in sales, he said.

It has been busy at the Ora HQ: The firm recently acquired 175 feddans in New Cairo and 128 feddans in the North Coast, where it will be setting up new real estate projects that it will start selling off next year, and it also has plans to set up three new hotels – two in the North Coast and one near the Pyramids, Sawiris said earlier this month.

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The FX crisis’ impact on real estate sector: “The government should allow developers to sell units in USD” and provide incentives to accommodate developers during the ongoing currency crisis, as the FX component accounts for 35% of the building costs, Sawiris said. “Real estate developers sell properties at fixed rates despite growing costs, and therefore they end up accruing losses,” he separately told Al Arabiya Business.

Naguib didn’t miss the chance to talk up gold, reiterating that the precious metal will remain a safe haven especially during the current regional and global conflicts. The price of the 21-karat gold has witnessed new highs domestically this week, nearing the level of EGP 3k.

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