Sawiris confirms no current plans to offer Ora Development on EGX

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Cairo – Egyptian billionaire Naguib Sawiris said there is no intention to offer Ora Development on the Egyptian Exchange (EGX) at the present time or interest to carry out new acquisitions.

The businessman’s remarks were made during the fourth annual economic conference of Hapi Journal, held under the theme of: “Empowering the Private Sector”.

He further added that Orascom Investment has been directed to invest in Africa, particularly in the new and renewable energy field, revealing that they are currently studying establishing electric vehicle charging stations in the world's second-most-populous continent.

Moreover, Sawiris revealed plans to build four hotels in Egypt with investments ranging from $200 million to $300 million through Orascom Investment. Two of the 4 hotels are planned to be built at North Coast while the two others will be in Cairo and the Pyramids area.

Addressing the fourth annual economic conference of Hapi Journal earlier today, Egypt's Minister of Planning, Hala El-said, revealed that the first group of initial public offerings (IPOs) fund will be completed within a few weeks at a value of $3 billion.

El-Said further added that the country targets another $3 billion from offering the second group next year, noting that investments of the private sector represent 55% of Egypt’s economy.

In the meantime, COP27 Climate Champion, IMF Executive Director and UN Special Envoy on Financing the 2030 Agenda, Mahmoud Mohieeldin, said climate investments in Africa have reached more than $11 billion, of which the private sector contributes not more than 3%.

Mohieeldin noted that the private sector should be granted incentives and get introduced to investment opportunities worldwide, highlighting that it can play a crucial role in combating climate change.