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In 2008, Samih Sawiris, heir to a wealthy Egyptian dynasty, attracted Swiss investors to Orascom Development Holding, raising 688 million Swiss francs. However, the company's share price plummeted from 152 to nearly 4 francs by 2024, prompting plans for delisting and offering minority shareholders a mere 90 million francs, while Sawiris retains significant investments in Switzerland and beyond. Critics argue that his approach is exploitative, raising concerns about his potential Swiss citizenship.
Orascom Development Holding's withdrawal from the stock exchange has left small shareholders dismayed, as the buyback offer of 5.60 francs per share starkly contrasts with the initial trading price of 152 francs in 2008. Despite owning valuable land, the company's declining operational performance and market interest have led to a significant drop in valuation. Naguib Sawiris, the chairman, insists that the delisting will allow for a more strategic focus without the pressure of quarterly reporting, while some experts argue the fair value of the shares is closer to 30 francs.
Andermatt's new luxury shopping street, Furkagasse, opened amid a festive rush but struggled with low customer traffic, even during peak holiday times. While the resort operator, Andermatt Swiss Alps, reported overall satisfaction, many luxury retailers are operating as pop-ups, awaiting a clearer picture of business viability by April. Samih Sawiris aims to integrate this new district with the old village, but achieving this vision will require community support and time.
Voters in canton Uri, Switzerland, have decisively rejected a Green Party initiative aimed at regulating development in Isleten to prioritize nature conservation, with 66.42% against and a turnout of 52.8%. The initiative's failure clears the way for Egyptian investor Samih Sawiris to proceed with plans for a 50-room hotel, 30 hotel apartments, 70 rental flats, seven bungalows, and a small marina, despite alternative proposals from the Green Party not gaining traction. The cantonal government opposed the initiative, citing concerns over economic interests and local autonomy.
Samih Sawiris is set to develop a new hotel in Andermatt, Switzerland, with construction awarded to Implenia. The hotel will feature 66 rooms, restaurants, a spa, and fitness area, and is designed with ecological methods, including district heating and a photovoltaic system. Construction begins in spring 2025, with completion expected by November 2027.
Samih Sawiris faces opposition in Uri as residents prepare to vote on the "Isleten for all" initiative, aimed at halting his proposed tourism complex on the Isleten peninsula. Critics label the project a luxury resort for the wealthy, while Sawiris defends it as a publicly accessible development that complies with environmental regulations. The referendum on November 24 will determine the project's fate amidst a heated campaign from both sides.
Samih Sawiris
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the rise and fall of samih sawiris in swiss investments
07:05 14.01.2025
Orascom Development Holding withdraws from stock exchange impacting small shareholders
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05:54 13.01.2025
luxury shopping street in andermatt struggles for customer attention during holidays
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10:21 05.01.2025
Uri voters approve hotel and marina project despite green initiative rejection
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new luxury hotel project underway in andermatt by samih sawiris
09:31 22.10.2024
sawiris defends isleten marina project ahead of crucial referendum vote
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15:35 18.10.2024
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