The head of Orascom Development Holding, Samih Sawiris, said he will withdraw completely from the presidency of the company, because he cannot manage two companies at the same time, adding that he has shares in the Swiss company (Andermatt Swiss Alps) with a 51% stake, compared 49% for Orascom Development, and other projects.
Samih Sawiris said in an interview with Al-Arabiya today, Sunday, which is still early for his full retirement, but the current retirement stems from the core business of Orascom Development and the transfer of ownership and management to his son Naguib.
Orascom Development Holding announced that its chairman, Samih Sawiris, had resigned from his position and would no longer be running for president of the board.
Sawiris also decided to transfer all of his shares in the company to his son Naguib, so that Naguib Samih Sawiris became the company’s largest shareholder.
Samih Sawiris explained that he is confident that his son Najib is up to the responsibilities and has worked with him for a few years, adding: “I don’t think anyone will take over a company and eventually be hired by his father, and he is in the interest in being the owner of the company, and my advice can be obtained from the point of view of a knowledgeable person. ” .
Naguib Samih Sawiris has been a member of the Board of Directors of Orascom Development Holding Company since 2016 and was appointed Vice Chairman of the Board in 2020.
Samih Sawiris explained that he is convinced of the end of the transitional phase after two years, noting that there was a disagreement between him and his son. in some administrative decisions due to the fact that the son was from 6 years of work in the United States, and the difference in thinking, logic, age and education in America.
And he continued: “I was not an institutional man in the administration, but I ran into the system of”one man “, and this is a different method we learned 40 years ago, unlike Najib, who manages in institutional way, and the normal situation now is to hand over the management to the new generation, and it is in the interest to hand it over as long as you are able to give, and to be Who trusts your opinion, and it is not correct to give the company to the child when you are 80 years old ”.
He pointed out that in this way he would have more time for some of his business in a number of countries.
The manager of Orascom Development explained that there must be a single owner who leads the company, and “that’s why I made equality between him and his sisters by distributing them other shares to become the sole owner, because the company after the resignation of his father or death usually causes disagreements and disagreements between the children and each of them. ” He wants a position and has a different opinion, and those who succeed want to expand, while outsiders want dividends. “
Samih Sawiris said that Andermatt’s project has not reached the stage of El Gouna, and it is interest to complete it to become one, but it takes more than a year, adding: “I have another project in Switzerland, which is a marina on the largest lake in the country, and its implementation has started now, and it needs time and concentration. “
The head of Orascom Development revealed that he was negotiating with Morocco to develop a project in the Essaouira region after buying it in collaboration with a group of investors.
As for his expectations for the new year, Samih Sawiris said he was not optimistic in past 2022, but is currently based on statistics and what is happening, causing only 4 or 5 deaths.
Sawiris added that the Corona Omicron mutant spreads by the millions, but infected people gain immunity similar to immunity resulting from vaccination against the virus, expecting the mutant will not matter during April and May 2022 and the number of deaths per influenza currently exceeds Omicron’s deaths, and continued: “We will have a good summer and next winter as well. It will be okay.”
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