Egyptian tycoon Naguib Sawiris plans extensive city development in Iraq
The Chairman and CEO of Orascom Investment Holding (OIH), has revealed plans for the development of a sprawling city outside Baghdad in collaboration with Iraqi governmental agencies.
Sawiris, addressing the media during the delivery announcement of ZED Sheikh Zayed project’s first phase in Egypt, highlighted ongoing negotiations and significant investments earmarked for the new city spanning 55 million square meters.
Having engaged in discussions with Iraqi Prime Minister Mohammed Shia Al-Sudani in July, Sawiris expressed his commitment to spearheading a substantial project in Iraq’s real estate sector. This venture marks Sawiris’ return to the Iraqi market, where he previously invested in the telecommunications sector nearly two decades ago.
Sawiris, venturing into real estate development in Iraq for the first time, discussed potential initiatives with Haider Makiya, the chairman of the National Investment Commission, during a January 2023 meeting in Baghdad. Their talks centered on constructing large cities catering to both high- and low-income individuals, aiming to address congestion issues in the Iraqi capital.
In addition to the city development, OIH is exploring supplementary projects aimed at alleviating urban congestion in Baghdad. This marks a significant move for Sawiris, blending his established business acumen with a newfound focus on Iraq’s real estate landscape.
