Egyptian billionaire Naguib Sawiris expressed interest in managing and operating three Egyptian airports as the government advances plans to open airport operations to private-sector participation. Speaking at the Conference on the Competitiveness of the Egyptian Economy in Cairo, Sawiris noted that an Italian company is interested in forming a consortium with one of his firms to bid for Hurghada International Airport.
On Tuesday, at the Conference on the Competitiveness of the Egyptian Economy in Cairo, Egyptian billionaire Naguib Sawiris confirmed his interest in competing for the management of Hurghada International Airport, which the government recently offered to private investors. He added that he is open to bidding on Luxor and Sohag airports if they become available. According to Sawiris, upgrading and professionally managing airports, along with other tourism sector incentives, could double the number of tourists visiting Egypt in the coming years.
Sawiris also outlined his investment plans for the next phase, including new projects in Egypt, the United Arab Emirates, and Iraq. He stated: “We are looking to acquire a new plot of land in the UAE following the major success of my first project there, with investments of $15bn.”
Furthermore, his group aims to transfer its experience in replacing traditional tuk-tuks in Egypt with electric alternatives to Morocco, seeking to replace diesel-powered motorcycles with electric ones. In Egypt, future expansions are likely to focus on the tourism sector, with plans to develop three hotels in the Giza Pyramids area and the governorates of Minya and Sohag.
Sawiris ruled out launching new real estate developments, noting that his company is currently focused on completing existing projects. He renewed his criticism of Egypt's high interest rates, describing them as harmful to the sector, where interest costs account for roughly half the cost of real estate projects in the country.