Egyptian Tycoon Sawiris Unveils Grand Real Estate Project in Iraq
Egyptian Tycoon Sawiris Unveils Grand Real Estate Project in Iraq
Baghdad – In a strategic move that marks his return to the Iraqi market after nearly two decades, Egyptian billionaire Naguib Sawiris, Chairman and CEO of Orascom Investment Holding (OIH), has revealed ambitious plans to develop a vast city outside Baghdad. The development is expected to bring substantial investments and contribute to the growth of the Iraqi real estate sector.
Sawiris announced during a press conference to celebrate the completion of the first phase of the ZED Sheikh Zayed project, a venture by Ora Developers in Egypt. He stated that negotiations are underway with Iraqi governmental agencies to finalize the details of this groundbreaking project, which will cover an expansive area of 55 million square meters.
The decision to embark on this venture comes after Sawiris met with Iraqi Prime Minister Mohammed Shia Al-Sudani in July, expressing his commitment to launching a significant project in the Iraqi real estate sector. Notably, this venture marks Sawiris’ return to Iraq, where he invested in the telecommunications sector nearly two decades ago.
Egyptian Tycoon Sawiris Unveils Grand Real Estate Project in Iraq
The scale of the project under consideration is unprecedented, with Sawiris aiming to alleviate congestion in Baghdad by creating alternative urban centers. The OIH is actively exploring additional projects that would complement the development of these large cities, contributing to Iraq’s economic revitalization.
As negotiations progress, Sawiris remains optimistic about the potential impact of this venture on both the Iraqi economy and the lives of its citizens. The real estate development project is poised to not only transform the skyline outside Baghdad but also to set a new benchmark for foreign investments in Iraq’s growing market.
With Sawiris at the helm, the collaboration between Ora Developers and Iraqi governmental agencies is poised to reshape the urban landscape, bringing a vision of progress and prosperity to the heart of the Middle East.
Egyptian Tycoon Sawiris Unveils Grand Real Estate Project in Iraq
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