Egyptian billionaire businessman and co-founder of the Elgouna Film Festival Samih Sawiris poses on the red carpet during the closing session of the 5th edition of the Gouna Film Festival in Egypt's Red Sea resort of el-Gouna on October 22, 2021. (Photo by Khaled DESOUKI / AFP)
Egyptian billionaire businessman and co-founder of the Elgouna Film Festival Samih Sawiris poses on the red carpet during the closing session of the 5th edition of the Gouna Film Festival in Egypt's Red Sea resort of el-Gouna on October 22, 2021. (Photo by Khaled DESOUKI / AFP)
Egyptian billionaire businessman and co-founder of the Elgouna Film Festival Samih Sawiris poses on the red carpet during the closing session of the 5th edition of the Gouna Film Festival in Egypt's Red Sea resort of el-Gouna on October 22, 2021. (Photo by Khaled DESOUKI / AFP)
Egyptian billionaire businessman and co-founder of the Elgouna Film Festival Samih Sawiris poses on the red carpet during the closing session of the 5th edition of the Gouna Film Festival in Egypt's R

Samih Sawiris steps down as chairman of Orascom Development Holding


Kamal Tabikha
  • English
  • Arabic

Egyptian billionaire and construction tycoon Samih Sawiris will step down as chairman of Orascom Development Holding and transfer his duties to his son, the company said on Wednesday.

After more than 30 years at the helm of Orascom Development Holding, Mr Sawiris said he will not be nominating himself for the chairmanship of Orascom’s board of directors at the annual meeting of the company in May 2022.

He will, however, remain available to the board in an advisory capacity under his son’s chairmanship.

Mr Sawiris’s son Naguib Samih Sawiris was unanimously nominated by the board of directors for the company’s chairmanship.

Following his ascension, Mr Naguib will replace his father as the company’s largest shareholder.

"Naguib's experience building and investing in successful technology businesses in the US, and his active role in supporting ODH through the Covid-19 crisis, has made me confident that he is both capable and committed to successfully leading ODH into the future, together with chief executive Omar El Hamamsy and the support of the Board. I wish them all the best," Mr Sawiris said.

As the company’s new chairman, “focus will be on ensuring the company returns to its former prosperity and becomes a benchmark for developing distinguished destinations", Mr Naguib said.

"I look forward to assuming the position of p;resident with a deep sense of responsibility and gratitude," he said.

ODH has been contracted by the Egyptian government to complete a number of high-profile real estate and tourism projects.

The company 's portfolio of projects span Egypt, the UAE, Oman, Morocco, Montenegro, Switzerland and the UK. The group operates a total of 33 hotels with 7,198 rooms and controls about 101.1 million square metres of land.

ODH swung to profit in the third quarter of this year, earning a net profit of 3.7 million Swiss francs ($4m), while total revenue jumped 51.3 per cent to reach 145.9m Swiss francs.

RESULT

Arsenal 1 Chelsea 2
Arsenal:
Aubameyang (13')
Chelsea: Jorginho (83'), Abraham (87') 

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

The Perfect Couple

Starring: Nicole Kidman, Liev Schreiber, Jack Reynor

Creator: Jenna Lamia

Rating: 3/5

The Dark Blue Winter Overcoat & Other Stories From the North
Edited and Introduced by Sjón and Ted Hodgkinson
Pushkin Press 

How%20to%20avoid%20getting%20scammed
%3Cul%3E%0A%3Cli%3ENever%20click%20on%20links%20provided%20via%20app%20or%20SMS%2C%20even%20if%20they%20seem%20to%20come%20from%20authorised%20senders%20at%20first%20glance%3C%2Fli%3E%0A%3Cli%3EAlways%20double-check%20the%20authenticity%20of%20websites%3C%2Fli%3E%0A%3Cli%3EEnable%20Two-Factor%20Authentication%20(2FA)%20for%20all%20your%20working%20and%20personal%20services%3C%2Fli%3E%0A%3Cli%3EOnly%20use%20official%20links%20published%20by%20the%20respective%20entity%3C%2Fli%3E%0A%3Cli%3EDouble-check%20the%20web%20addresses%20to%20reduce%20exposure%20to%20fake%20sites%20created%20with%20domain%20names%20containing%20spelling%20errors%3C%2Fli%3E%0A%3C%2Ful%3E%0A
INVESTMENT PLEDGES

Cartlow: $13.4m

Rabbitmart: $14m

Smileneo: $5.8m

Soum: $4m

imVentures: $100m

Plug and Play: $25m

While you're here
Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Dhadak 2

Director: Shazia Iqbal

Starring: Siddhant Chaturvedi, Triptii Dimri 

Rating: 1/5

Five expert hiking tips
    Always check the weather forecast before setting off Make sure you have plenty of water Set off early to avoid sudden weather changes in the afternoon Wear appropriate clothing and footwear Take your litter home with you
Biggest%20applause
%3Cp%3EAsked%20to%20rate%20Boris%20Johnson's%20leadership%20out%20of%2010%2C%20Mr%20Sunak%20awarded%20a%20full%2010%20for%20delivering%20Brexit%20%E2%80%94%20remarks%20that%20earned%20him%20his%20biggest%20round%20of%20applause%20of%20the%20night.%20%22My%20views%20are%20clear%2C%20when%20he%20was%20great%20he%20was%20great%20and%20it%20got%20to%20a%20point%20where%20we%20need%20to%20move%20forward.%20In%20delivering%20a%20solution%20to%20Brexit%20and%20winning%20an%20election%20that's%20a%2010%2F10%20-%20you've%20got%20to%20give%20the%20guy%20credit%20for%20that%2C%20no-one%20else%20could%20probably%20have%20done%20that.%22%3C%2Fp%3E%0A
Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
57%20Seconds
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Rusty%20Cundieff%0D%3Cbr%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3EJosh%20Hutcherson%2C%20Morgan%20Freeman%2C%20Greg%20Germann%2C%20Lovie%20Simone%0D%3Cbr%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E2%2F5%0D%3Cbr%3E%0D%3Cbr%3E%3C%2Fp%3E%0A
Brief scoreline

Switzerland 0

England 0

Result: England win 6-5 on penalties

Man of the Match: Trent Alexander-Arnold (England)

The biog

Name: Shamsa Hassan Safar

Nationality: Emirati

Education: Degree in emergency medical services at Higher Colleges of Technology

Favourite book: Between two hearts- Arabic novels

Favourite music: Mohammed Abdu and modern Arabic songs

Favourite way to spend time off: Family visits and spending time with friends

Ammar 808:
Maghreb United

Sofyann Ben Youssef
Glitterbeat 

A State of Passion

Directors: Carol Mansour and Muna Khalidi

Stars: Dr Ghassan Abu-Sittah

Rating: 4/5

THE LOWDOWN

Romeo Akbar Walter

Rating: 2/5 stars
Produced by: Dharma Productions, Azure Entertainment
Directed by: Robby Grewal
Cast: John Abraham, Mouni Roy, Jackie Shroff and Sikandar Kher 

Updated: December 15, 2021, 2:25 PM