{"id":588464,"date":"2023-06-12T00:00:00","date_gmt":"2023-06-12T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/el-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration\/"},"modified":"2023-06-12T00:00:00","modified_gmt":"2023-06-12T00:00:00","slug":"el-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/12\/el-gouna-to-see-usd-100-mn-expansion-within-two-years-and-a-saudi-iteration\/","title":{"rendered":"El Gouna to see USD 100 mn expansion within two years \u2014 and a Saudi iteration"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">El Gouna will see USD 100 mn in fresh investment in the next two years<\/span><span style=\"\">, b\u2019naire <\/span><span style=\"\">Samih Sawiris<\/span><span> and <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/05\/12\/this-morning-samih-sawiris-steps-down-as-ode-chairman-shoukry-to-co-chair-climate-meeting-in-copenhagen-us-inflation-data-spooks-markets-70761\/\" style=\"\">former chairman<\/a><\/span><span> of the resort town\u2019s developer, Orascom Development Holding (ODH), is quoted as telling <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.asharqbusiness.com\/article\/51147\/%D8%A7%D9%84%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D8%AF%D9%8A%D8%B1-%D8%B3%D9%85%D9%8A%D8%AD-%D8%B3%D8%A7%D9%88%D9%8A%D8%B1%D8%B3-%D9%8A%D8%AE%D8%B7%D8%B7-%D9%84%D8%A7%D8%B3%D8%AA%D9%86%D8%B3%D8%A7%D8%AE-%D9%85%D8%AF%D9%8A%D9%86%D8%A9-%D8%A7%D9%84%D8%AC%D9%88%D9%86%D8%A9-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D9%81%D9%8A-%D8%A7%D9%84%D8%B3%D8%B9%D9%88%D8%AF%D9%8A%D8%A9\/\" style=\"\">Asharq Business<\/a><\/span><span style=\"font-weight:400;\">. The money will go towards building a new hotel and expanding existing hotels in the popular upscale Red Sea holiday destination, he said. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">REMEMBER- <\/span><span style=\"\">Orascom Development Egypt (ODE) in February <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4313fc8f-1a00-4ded-a62d-df0c79f3e59f\" style=\"\">inked an agreement<\/a><\/span><span style=\"font-weight:400;\"> with Egyptian authorities to more than double the size of El Gouna, adding 1.2 mn sqm of connected lagoons and 1k hotel rooms every 10 years. ODE at the time said it would fund the growth from its own EGP 3.8 bn in cash on hand, a USD 30 mn shareholder loan from parent company ODH, and future cashflows.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Sawiris is partnering with private investors in the KSA to build a resort similar to El Gouna<\/span><span style=\"\"> in the Kingdom, Sawiris said. <\/span><span>The Saudi resort will see initial investments of at least USD 500 mn, he added. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Sawiris is planning several other projects<\/span><span style=\"font-weight:400;\">, he told Asharq: <\/span><\/p>\n<ul>\n<li><span style=\"font-weight:400;\">A project to revive an ancient heritage site in Jeddah, Saudi Arabia, over the next five years;<\/span><\/li>\n<li><span style=\"font-weight:400;\">A USD 100 mn redevelopment of an an existing resort on Oman\u2019s Al Sawda island in partnership with the Oman Investment Authority;<\/span><\/li>\n<li><span>A USD 200 mn new hotel in Switzerland, wit<\/span><span style=\"font-weight:400;\">h construction planned to break ground early next year.<\/span><\/li>\n<\/ul>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">If that wasn\u2019t enough: <\/span><span style=\"\">In March, Sawiris <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/4f2ae5e9-f7b7-4f21-ae00-bc13274cdd7b\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> he is leading the redevelopment of the Mogador resort in Morocco\u2019s Essaouira, in a drive worth as much as AED 4 bn. Sawiris will lead a consortium of four investors, making his investments through SOSTNT, his Luxembourg-based investment company.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Sawiris to partner with private investors on USD 500 mn KSA resort<\/p>\n","protected":false},"author":1,"featured_media":588465,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7272],"tags":[72,125,7265,256,1844,219,686,238],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment-watch","tag-enterpriseam","tag-investment-watch","tag-oman","tag-orascom-development-egypt","tag-samih-sawiris","tag-saudi-arabia","tag-switzerland","tag-tourism","wpautop","entry"],"acf":{"mongo_id":"b4f4766c-196d-469b-9a8e-ec9de82da97d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/558.jpg","photo_position":"below","homepage_title":"","full_issue_title":"Samih Sawiris plans USD 100 mn expansion at Egypt\u2019s El Gouna resort, Saudi Arabian resort","related_issue":[588450],"teaser":"Sawiris to partner with private investors on USD 500 mn KSA resort","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.d7df9e5f-f1b7-4c8b-b067-fd25db20e152.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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