Orascom Development Egypt, a subsidiary of Swiss-based Orascom Development Holding (ODH), which is majority controlled by Egyptian billionaire Samih Sawiris, has completed the sale of an important commercial property within its O West development to Seoudi Supermarket for EGP332 million ($6.8 million).
The acquisition brings the first supermarket to the O West neighborhood, which improves both the residential and visitor experience. According to an Orascom statement, the move is part of the company’s overall aim to create value from its investments while streamlining its portfolio to include assets that contribute to sustainable, community-centric destinations.
Orascom Development Egypt is a subsidiary of Orascom Development Holding, which was founded in 2008 by billionaire tycoon Samih Sawiris by merging Orascom Projects for Touristic Development and Orascom Hotels and Development.
Orascom Development Holding, led by Samih Sawiris’ son, Naguib Samih Sawiris, oversees a broad portfolio of 33 hotels in seven countries: Egypt, the UAE, Oman, Switzerland, Morocco, Montenegro, and the United Kingdom.
Naguib Samih Sawiris led Orascom Development Egypt to a 65 percent revenue rise in the first half of 2024, hitting EGP10.21 billion ($208 million) compared to EGP6.19 billion the previous year. The corporation concluded 2023 with a record revenue of EGP19.5 billion ($631 million), up sharply from EGP11.1 billion ($360 million) in 2022.
The company has won an expansion agreement with Egyptian authorities for its Makadi Heights project, allowing for additional development in Makadi Bay and strengthening its position as a top tourist destination.