Ramsco's Women Empowerment Initiative Recognized Among Top BRICS Businesswomen Practices for 2025    Egypt, Elsewedy review progress on Ain Sokhna phosphate complex    Gold prices end July with modest gains    Pakistan says successfully concluded 'landmark trade deal' with US    Egypt's FM, US envoy discuss Gaza ceasefire, Iran nuclear talks    Modon Holding posts AED 2.1bn net profit in H1 2025    Egypt's Electricity Ministry says new power cable for Giza area operational    Egypt's Al-Sisi, Italian defence minister discuss Gaza, security cooperation    Egypt's FM discusses Gaza, Nile dam with US senators    Aid airdrops intensify as famine deepens in Gaza amid mounting international criticism    Health minister showcases AI's impact on healthcare at Huawei Cloud Summit    On anti-trafficking day, Egypt's PM calls fight a 'moral and humanitarian duty'    Federal Reserve maintains interest rates    Egypt strengthens healthcare partnerships to enhance maternity, multiple sclerosis, and stroke care    Egypt keeps Gaza aid flowing, total tops 533,000 tons: minister    Indian Embassy to launch cultural festival in Assiut, film fest in Cairo    Egyptian aid convoy heads toward Gaza as humanitarian crisis deepens    Culture minister launches national plan to revive film industry, modernise cinematic assets    Rafah Crossing 'never been closed for one day' from Egypt: PM    I won't trade my identity to please market: Douzi    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt's EHA, Huawei discuss enhanced digital health    Egypt, Oman discuss environmental cooperation    Egypt's EDA explores pharma cooperation with Belarus    Foreign, housing ministers discuss Egypt's role in African development push    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



INTERVIEW: Orascom Development says to build in Iraq
Published in Daily News Egypt on 13 - 04 - 2010

SHARM EL SHEIKH: Swiss-based Orascom Development Holding plans to start a budget housing project in Iraq after elections, part of its wider push into low-income homes, its CEO said on Tuesday.
The developer, known for building high-end resorts, also aims to start selling homes in a budget project in Romania by the end of the year and is in negotiations for a similar project in Africa, Samih Sawiris told Reuters in an interview.
Orascom has already agreed with Iraqi officials to construct a budget housing project in Iraq similar to Haram City, a low-income residential project it is building near Cairo, he said.
We are very happy to go there, but we are waiting for the elections to be over because there is a certain amount of stability needed to make this possible, Sawiris said, adding potential for growth in the oil-rich nation is mind-blowing .
There s so much access to oil money and demand on such towns will be quite huge, Sawiris added. And obviously we like to be pioneers, and being the first town developers to enter Iraq is always a plus.
Sawiris did not specify where in Iraq the project would be, but Egyptian media in February reported the firm was looking at two plots, one in Taji in central Iraq and another in Basra in the south. Each would cover some 9 million square meters.
Iraq is looking for bidders to build 1 million new units, valued at an average $50,000 each, within the next three year.
Orascom hopes to see the first sales from its Romania project before the end of this year, said Sawiris, who is also Orascom s chairman.
The project, in which Orascom holds a 70 percent stake, is expected to offer a total of 33,000 units developed over three equal phases, with the first scheduled to be operational within five years.
Orascom posted a net profit of 138.6 million Swiss francs ($131 million) in 2009, up from 115.6 million in 2008, and said it expected new projects in the United Kingdom, Montenegro, Romania, Switzerland and Morocco to drive future profits.
Things look good and I don t see a reason why we cannot have a better year in 2010 than in 2009, Sawiris said, declining to give specific forecasts.
Sawiris added he was happy with the resilience of Egypt s tourism industry, which fuels Orascom s hotels and resorts business.
I am quite impressed by how the tourism sector went through the crisis and out of it with very little damage, he said.


Clic here to read the story from its source.