The Egyptian billionaire Shared His Views on Property Real Estate and Inflation
Naguib Sawiris, an Egyptian billionaire and the executive chairman of Ora Developers, revealed that Q Holding, a leading investment company listed on the Abu Dhabi Securities Exchange, and ORA Real Estate Development Group have signed a partnership agreement to invest USD 10 bn in a real estate project aimed at developing a smart and sustainable city in the Ghantoot region of Abu Dhabi. The prominent businessman, one of the richest in Africa, also shared his thoughts on various economic issues affecting Egypt and the surrounding region.
The integrated city will span over 20 million square meters and will provide the community with residential, hotel, cultural, commercial, sporting, and recreational services, all with a focus on renewable energy and sustainability. The project is expected to be one of the largest in the private sector and will set new standards for future sustainable integrated city developments.
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The partnership aims to support Abu Dhabi’s local economy, encourage real estate investment, and attract investors to create a unique investment opportunity. Q Holding’s Chairman, His Excellency Abdulla Mohamed Butti Al Hamed, emphasized the partnership’s significance in furthering the company’s ambitious plans to expand in the country’s real estate market. Q Holding’s CEO, Mr. Majed Odeh, conveyed his enthusiasm about the new project in Ghantoot, highlighting the company’s commitment to innovation and progress.
In a series of tweets and interviews, Sawiris touched upon the topics of property market, and inflation, offering his insights and suggestions.
تصريحات قوية لرجل الأعمال المصري #نجيب_ساويرس في مقابلة خاصة مع #العربية_Business يقترح حلاً جذرياً لتحرير #الجنيه_المصري والقضاء على #السوق_السوداء، ويحذر من مخاطر عدم بيع #العقارات في #مصر بـ #الدولار#الأسواق_العربية@NaguibSawiris@fahimazayed pic.twitter.com/h9NK9MnkSv
— الأسواق العربية (@AlArabiya_Bn) December 21, 2023
Sawiris commented on the effect of inflation on the construction industry, which he said was posing a risk to real estate developers. He said that fixed-price sales to customers are undermined by the daily increase in raw material and construction costs, threatening business continuity. He said companies have faced profitability challenges due to inflation and fluctuations in the dollar exchange rate, despite achieving sales. He proposed that the central bank issue a higher exchange rate value than the black markets to force dollar hoarders to sell their savings. He also shared his prediction of the price of gold to be 2,400$ per ounce.
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Sawiris is known for his outspokenness and being the founder of the Free Egyptians Party, which advocates for a secular and liberal Egypt. He is also known for his philanthropic activities, such as his proposal to buy a Mediterranean island to house the Syrian refugees arriving in Europe. Naguib Sawiris is also involved in various business sectors, such as telecommunications, media, technology, Real Estate, and hospitality.
