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.
The biog
Favourite car: Ferrari
Likes the colour: Black
Best movie: Avatar
Academic qualifications: Bachelor’s degree in media production from the Higher Colleges of Technology and diploma in production from the New York Film Academy
Sustainable Development Goals
1. End poverty in all its forms everywhere
2. End hunger, achieve food security and improved nutrition and promote sustainable agriculture
3. Ensure healthy lives and promote well-being for all at all ages
4. Ensure inclusive and equitable quality education and promote lifelong learning opportunities for all
5. Achieve gender equality and empower all women and girls
6. Ensure availability and sustainable management of water and sanitation for all
7. Ensure access to affordable, reliable, sustainable and modern energy for all
8. Promote sustained, inclusive and sustainable economic growth, full and productive employment and decent work for all
9. Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation
10. Reduce inequality within and among countries
11. Make cities and human settlements inclusive, safe, resilient and sustainable
12. Ensure sustainable consumption and production patterns
13. Take urgent action to combat climate change and its effects
14. Conserve and sustainably use the oceans, seas and marine resources for sustainable development
15. Protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss
16. Promote peaceful and inclusive societies for sustainable development, provide access to justice for all and build effective, accountable and inclusive institutions at all levels
17. Strengthen the means of implementation and revitalise the global partnership for sustainable development
COMPANY%20PROFILE%20
%3Cp%3EName%3A%20DarDoc%3Cbr%3EBased%3A%20Abu%20Dhabi%3Cbr%3EFounders%3A%20Samer%20Masri%2C%20Keswin%20Suresh%3Cbr%3ESector%3A%20HealthTech%3Cbr%3ETotal%20funding%3A%20%24800%2C000%3Cbr%3EInvestors%3A%20Flat6Labs%2C%20angel%20investors%20%2B%20Incubated%20by%20Hub71%2C%20Abu%20Dhabi's%20Department%20of%20Health%3Cbr%3ENumber%20of%20employees%3A%2010%3C%2Fp%3E%0A
ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
