Sawiris and Cypriot partner to develop touristic real estate project

Ehab El-Dababy
2 Min Read
Egyptian billionaire Naguib Sawiris pauses during a Bloomberg Television interview in London, U.K., on Thursday, May 24, 2012. Sawiris said he'd be willing to sell his Telekom Austria AG stake to Carlos Slim's America Movil SAB if the Austrian government is uncooperative. Photographer: Simon Dawson/Bloomberg via Getty Images

Egyptian billionaire Naguib Sawiris has established a joint company for developing Napa Marina Aiya touristic real estate project in Cyprus on an area of 86 acres.

Sources told Daily News Egypt that Sawiris’ share in the project is 80% which he contributes through his company Gemini Holding. The Cypriot company, Makronisos, is contributing with a 20% share in Napa Marina Aiya which overlooks the Mediterranean.

Sawiris has trusted the project marketing to B2B for Investment and Real Estate Marketing company.

Nihad Adel, head of B2B company, said that the project consists of two residential towers, including 180 residential apartments, 29 villas, and a marina for yachts. The project’s estimated sales are worth €500m.

The apartments start from 80 sqm at €5,000-6,000 per square metre, so the price of one of the smallest units is €420,000, which can be repaid over five years.

Officially, the euro’s exchange rate against the Egyptian pound is EGP 9.887 for buying and EGP 9.9873 for selling, while in the unofficial market the price is EGP 13 for buying and EGP 14 for selling.

A large number of potential customers were invited to attend the project’s sales offering. Adel said that buyers will be able to obtain residency in Cyprus after paying €300,000 of the unit value.

Gemini Holding invests in various sectors, including industrial activities, technology, real estate development, and food.

The Cypriot president attended the opening of the project, which was held last week. Sawiris praised the president’s presence there and expressed his gratitude on Twitter with a photo with the president during the project’s opening ceremony.


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