{"id":612375,"date":"2023-12-21T00:00:00","date_gmt":"2023-12-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/21\/ora-to-invest-usd-10-bn-in-uae-mega-project\/"},"modified":"2023-12-21T00:00:00","modified_gmt":"2023-12-21T00:00:00","slug":"ora-to-invest-usd-10-bn-in-uae-mega-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/21\/ora-to-invest-usd-10-bn-in-uae-mega-project\/","title":{"rendered":"Ora to invest USD 10 bn in UAE mega project"},"content":{"rendered":"

More on Ora\u2019s mega UAE project: <\/strong>Sawiris-owned Ora Developers has partnered with Abu Dhabi investment firm Q Holding<\/a> for a USD 10 bn real estate project project in the Ghantoot area between Abu Dhabi and Dubai, Naguib Sawiris told Asharq Business<\/a>. The 15 mn-sqm mega real estate project should be completed within the coming 10-15 years, he had previously said<\/a>. The project is expected to make up to USD 15 bn in sales, he said.<\/p>\n

It has been busy at the Ora HQ: <\/strong>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 \u2013 two in the North Coast and one near the Pyramids, Sawiris said earlier this month.<\/p>\n

ALSO FROM NAGUIB-<\/strong><\/p>\n

The FX crisis\u2019 impact on real estate sector: <\/strong>\u201cThe government should allow developers to sell units in USD\u201d and provide incentives to accommodate developers during the ongoing currency crisis, as the FX component accounts for 35% of the building costs, Sawiris said<\/a>. \u201cReal estate developers sell properties at fixed rates despite growing costs, and therefore they end up accruing losses,\u201d he separately told Al Arabiya Business<\/a>.<\/p>\n

Naguib didn\u2019t miss the chance to talk up gold<\/strong>, 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<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Sawiris-owned Ora Developers has partnered up with Q Holding for the project<\/p>\n","protected":false},"author":1,"featured_media":612376,"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":[7371],"tags":[72,2065,599,6734,83],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-612375","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-enterpriseam","tag-naguib-sawiris","tag-ora-developers","tag-q-holding","tag-real-estate","wpautop","entry"],"acf":{"mongo_id":"8cd0873d-8140-4d19-a647-9675cb118017","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1455.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sawiris\u2019s Ora to invest USD 10 bn in new UAE real estate project alongside Q Holding","related_issue":[612366],"teaser":"Sawiris-owned Ora Developers has partnered up with Q Holding for the project","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.06137d89-38c8-4134-9862-b726bdde1ea6.mp3"},"yoast_head":"\nOra to invest USD 10 bn in UAE mega project - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/12\/21\/ora-to-invest-usd-10-bn-in-uae-mega-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ora to invest USD 10 bn in UAE mega project\" \/>\n<meta property=\"og:description\" content=\"Sawiris-owned Ora Developers has partnered up with Q Holding for the project\" \/>\n<meta property=\"og:url\" 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