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Orascom establishes $500m residential project in Senegal: Samih Sawiris - Daily News Egypt

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Orascom establishes $500m residential project in Senegal: Samih Sawiris

Naguib Sawiris calls for expanding investor base of Supreme Council for Investment


Orascom Development aims to establish a new residential project in Senegal that will be completed in phases over ten years, Samih Sawiris, chairperson of the organisation, told Daily News Egypt.

He added that the investment cost of the project ranges between $400-500m and it will be targetted at low and limited-income citizens.

He said that the project will be similar to Haram City.

He also pointed out that the city of El Gouna is a very popular tourism destination, especially after its last film festival.

Businessman Naguib Sawiris, chairperson of Orascom Telecom Media and Technology Holding, called for the need to expand the participation of investors in the Supreme Council for Investment. Joking with Sawiris, President Abdel Fattah Al-Sisi said, “you are always troublesome. We will study the addition of another group of investors to the council.”

President Abdul Fattah Al-Sisi issued Presidential Decree No. 478 of 2016 two years ago on the formation of the Supreme Council for Investment, headed by Al-Sisi. The first article of the decree, which was published in the state’s official gazette, includes the establishment of a council called the Supreme Council for Investment, chaired by the president and includes the membership of the prime minister, governor of the Central Bank of Egypt, and the ministers of defence, military production, finance, investment, interior, justice, and trade and industry, along with the director of the General Intelligence Service, the chairperson of the Egyptian Financial Supervisory Authority, and the CEO of the General Authority for Investment and Free Zones, as well as the head of the Federation of Egyptian Industries and the head of The Egyptian Federation of Investors Associations.

Sawiris proposed, during a round table of Egyptian and African businessmen on the sidelines of the Africa 2017 conference, to streamline the mechanism of dispute resolution to all competing companies without dealing with each individual company. He added that minor employees involved in completing industrial licensing and construction must be protected.

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https://www.dailynewsegypt.com/2017/12/09/orascom-establishes-500m-residential-project-senegal-samih-sawiris/
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