Business career
Since joining Orascom, the family business, in 1979, Sawiris worked in the development of the railway, information technology, and telecommunications sectors of Orascom. Management decided to split Orascom into separate operating companies in the late 90s: Orascom Telecom Holding (OTH), Orascom Construction Industries (OCI), Orascom Hotels & Development and Orascom Technology Systems (OTS).[13] Orascom Telecom Holding was established in 1997, and then Orascom Telecom Media and Technologies, in 2011, until the recent rebranding as Orascom Investment Holding (OIH), of which he is the Managing Director and CEO.[13]
In August 2012, Sawiris was appointed chairman of La Mancha Holding.[14]
In 2014, Sawiris raised more than US$4 billion when he sold his stake in his telecommunications companies to Russian company Vimplecom.[15][16]
In early 2015, Sawiris bought a majority stake in the pan-European television channel Euronews. He remained as the main shareholder until beginning the process of selling his stake to Alpac Capital in December 2021.[17]
In September 2015, he offered to buy an island off Greece or Italy to help hundreds of thousands of refugees fleeing the Syrian conflict. However, he conceded the plan could face challenges in terms of jurisdictions and customs regulation.[18]
In May 2016, Sawiris sold his stake in the Egypt-based TV channel ONTV to Ahmed Abou Hashima.[19]
In December 2016, Sawiris resigned as the CEO of Orascom Telecom Media & Technology.[20]
The Ora Developers, formerly known as the Gemini Global Development, was launched in 2016.[21][22] The company owns a $2.5 billion global real estate portfolio comprising the Silver Sands mixed-use project in Grenada, Ayia Napa Marina in Cyprus, and the Eighteen luxury residential project in Islamabad, Pakistan.[23] In 2023, it was reported that Sawiris is considering an investment in Barrick Gold Corp's $7 billion Reko Diq copper-gold project in Pakistan.[24]
On 31 January 2024, the Iraqi government announced the signing of a contract with Ora Developers to develop the largest residential city in Iraq named "Ali Al-Wardi City". The planned new city, located approximately 25 km southeast of Baghdad and spanning a total area of 61 e6m2, includes "120,000 different housing units along with green spaces, urban amenities, and smart city technology to apply cutting-edge standards in sustainability and environmental preservation." The project is named after the Iraqi intellectual Ali Al-Wardi and aims to reduce population pressure on Baghdad.[25][26][27]
Ora Developers announced that Bayn is ORA's first project in the UAE. It is a new smart and sustainable city being built in Ghantoot, between Abu Dhabi and Dubai.[28] Covering 4.8 e6m2, Bayn will offer modern living with a focus on technology, green spaces, and a high-quality lifestyle.
Gold and mining
Sawiris made significant moves in the gold and mining sectors in recent years, primarily through his ownership of La Mancha, a mining investment firm. Sawiris has invested in gold and mining through La Mancha, including projects in Africa and other regions. Sawiris has been involved in acquiring and financing mining assets, aiming to capitalize on the rising value of gold. His company has also made strategic investments in gold exploration projects in countries like Canada and Côte d'Ivoire.[29][30]
Djezzy
In the early 2000s, Sawiris's Orascom Telecom purchased a majority share in Algerian mobile network operator Djezzy. The company grew fast and became Orascom's most profitable subsidiary and one of Algeria's leading mobile service providers.[31]
In 2008, the Algerian government declared its intention to increase its stake in Djezzy and take greater control over the telecommunications sector.
