Egyptian tycoon Naguib Sawiris has revealed his intentions to pump investments estimated at USD 2 bn into the Egyptian tourism sector, namely in the North coast, to join the host of tourism projects being implemented in the area, Invest-Gate reports.
Sawiris’ remarks came during the second edition of Hapi Investment Conference on April 1. However, he argues that all approvals are still underway.
He noted that the main challenge hindering Egypt’s real estate market is primarily lack of funding, in conjunction with the growing demand in light of an increasing population, pointing out that the issue was indicated through a study conducted by a European company specialized in identifying market needs.
According to Sawiris, the demand for real estate in Egypt represents ten times the supply, which means that there is an urgent need for more units and projects.
Additionally, the Egyptian tycoon called on the governor of the Central Bank of Egypt (CBE) to expand the bank financing provided to micro-, small- and medium-sized enterprises (SMEs), presenting his company’s experience in such field in Europe, as he obtained a license to establish a bank specialized in financing SMEs in the eurozone.
Regarding the development of Giza Pyramids’ “Sound and Light Show,” Sawiris said the project was supposed to be done in partnership with another firm. However, the deal was not satisfactorily sealed.
Back in December, the Supreme Council of Antiquities (SCA) signed a contract with Sawiris’ Orascom Investment Holding (OIH) to provide and operate high-quality services and facilities at the area surrounding the Pyramids of Giza, retaining the council’s authority over the area.
OIH’s services are set to include holding promotional campaigns for the archaeological landmark, managing operations in the parking area located around the entrance of Fayoum Road, and providing an internal transportation network for visitors.