Naguib Sawiris in Arabic: I started giving up my son’s job, except for these two sectors

In an interview with the Al Arabiya channel, on the sidelines of the Cityscape exhibition in Dubai, the CEO of Ora Real Estate Development Company, Naguib Sawiris, said that Endeavor Mining has increased its value from $ 280 million to $ 6 billion. in 7 years.

Sawiris added: “We will not make any more acquisitions, and next year something else may happen, and we will expand into East Africa and then we could make acquisitions.”

Regarding his quest to obtain a digital bank license, Sawiris said: “We are waiting for the Central Bank of Egypt, which is considered to support all new technical matters. We have a bank. in Luxembourg and we offered to establish the same in Egypt”.

And speaking of Sawiris who delivered many of his works to his son, he said: “Yes, I started delivering to my son. Naguib Sawiris has forgotten many businesses, including the Internet, technology and the financial sector, except of the real estate sector and the mining sector, which will remain under my supervision, because the generation looks to Steve Jobs and Mark Zuckerberg. My generation has a different view of the real estate sector, as I feel a different sense when I see what I am building. “

Naguib Sawiris explained that Ora’s profit margins have fallen by 60% due to the doubling of construction costs represented in the prices of iron, cement and shipping, and all these factors reduce the profit margin that real estate projects do not they can support.

Regarding the company’s projects, Sawiris said he has secured a contract for the North Coast land, and the sale must begin after the ministerial decision is enacted. in The company has currently initiated bookings, which are very promising, and is expected to exceed £ 10 billion within two years, in the project.

He added that the first phase of the company’s project in Sheikh Zayed has come to a complete conclusion with sales of between 5.5 and 6 billion pounds, and the sales have started in the second phase and the sales are good, and in the assembly they are reservations were opened in the first phase.

Sawiris explained that the North Coast project consists of building a series of villas, and behind it an entire city for young people, with units at a low price compared to the prices of villas.

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