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Samih Sawiris – The Egyptian-Montenegrin Billionaire

December 25, 2023

Samih Sawiris – The Egyptian-Montenegrin Billionaire

Samih Sawiris is not an ambitious man who went out looking for success, rather it came looking for him.

However, he was so resolute and steadfast in his will to see his company succeed. That he risked both his own personal finances and his reputation to prove his naysayers wrong.

His company OHD is the primary designer, developer, contractor, and marketing force behind the highly successful:

El Gouna (Red Sea, Egypt)
Taba Heights (Sinai, Egypt)
Tala Bay (Aqaba, Jordan)
The Cove (Ras El Khaimah, UAE) projects.

It has forged its own niche in the world by becoming the first private city developer to handle everything required to accomplish such a feat.

Sawiris, an engineering graduate from the Technical University of Berlin. He’s content with his agencies and franchises whose activities ranged from selling engines to harbor equipment and also building boats. Conversely, El Gouna was only ever supposed to be a side activity, “to cater to friends and family.

Samih Sawiris Biography

Samih Onsi Sawiris born in 1957 is an Egyptian-Montenegrin businessman and billionaire. He’s the second of three sons of Onsi Sawiris to Yousiriyya and Onsi Sawiris.

His father, the son of a lawyer, founded a construction company in 1950, which became one of Egypt’s largest contractors, building roads and waterways along Egypt’s upper Nile region.

The business was nationalized in 1961 by President Gamal Abdel Nasser and renamed El Nasr Civil Works Company. Frustrated at being reduced to an employee at his own company, Onsi moved to Libya, where he built a new general contracting company.

After six years, relations between Libya and Egypt were fraying and Onsi moved back to Egypt where he started anew for the third time, founding Orascom Construction Industries.

Through partnerships with international companies working on local projects, Orascom grew to be one of the largest private builders in Egypt by the mid-1990s.

Samih joined the family business in 1980 after receiving his Engineering Diploma in Engineering Management from the Technical University of Berlin.

At Orascom, Samih helped expand the company’s operations into developments and hotels. It had split into three separate operating companies by 1990: Orascom Telecom, headed by Naguib, Orascom Development and Hotels, led by himself, and Orascom Construction Industries, overseen by the youngest, Nassef.

Samih has served as CEO and chairman of Orascom Development Holding AG since its incorporation. He became a Montenegrin citizen in 2011. In 2011 he took a 12.5% stake in Swiss football club FC Luzern.

In December 2019, he acquired Thomas Cook Germany through his Raiffeisen Touristik (RT) Group, which he already bought 74.9% of its shares in 2014.

Samih Sawiris Companies

He founded National Marine Boat Factory, followed by Orascom Projects for Touristic Development in 1996 and Orascom Hotels and Development in 1998; the latter two companies later merged to form Orascom Development Holding AG.

He’s the founder and Chairman of Orascom Development Holding (ODH.SW), a Swiss-incorporated company listed on the Swiss Stock Exchange (SIX).

Orascom Development is a leading developer of fully integrated destinations that include hotels, private villas, and apartments, leisure facilities such as golf courses, marinas, and supporting infrastructure.

Orascom Development’s diversified portfolio of destinations is spread over nine jurisdictions (Switzerland, Egypt, Montenegro, Oman, UAE, Jordan, and Morocco).

The Group currently owns 35 hotels, with 8,135 guestrooms and over 1,000 rooms under development in different countries. ODH operates eight destinations; Andermatt in Switzerland, Four in Egypt: El Gouna, Taba Heights, Haram City, and Makadi; The Cove in the United Arab Emirates and Jebel Sifah and Salalah Beach in Oman.

His investments

Samih is a major shareholder of Orascom Construction Industries (OCI N.V.) a Dutch-based global producer of natural gas-based chemicals and engineering and construction contractor with projects and investments across Europe, the Americas, Asia, the Middle East, and North Africa.

He is also a significant stakeholder in Lafarage (LG.FP); a world leader in building materials & major player in the cement, aggregates, and concrete industries, operating in 64 countries and listed on the Paris Stock Exchange.

In addition, Samih is a member of the Sawiris Foundation for Social Development which was founded in April 2001, with an endowment from the Sawiris family, dedicated to social development.

Also, he’s one of the Board of Trustees of Zewail City. He is one of the International Board of Trustees at TU Berlin Campus El Gouna University and one of the International Advisory Board of YOU Foundation in Africa.

Samih Sawiris Net Worth

According to Forbes’ real-time estimates, Samih Sawiris has a net worth of around $1.2B, making him one of the richest persons in Egypt. He serves as the chairman of Orascom Development Holding, a conglomerate that develops tourism, real estate, and infrastructure initiatives.

Samih Sawiris Family

The Sawiris family are Egyptian Coptic Christians who own Orascom, a conglomerate spanning telecommunications, construction, tourism, industry, and technology.

In 2008, Forbes estimated the family’s net worth at US$36 billion. Onsi Sawiris’ three sons run various companies within the group. Naguib Sawiris (born 1954) Sami Sawiris (born 1957) Nasef Sawiris (born 1961).

Onsi Sawiris founded Orascom in 1950 and has grown into a conglomerate that includes Orascom Telecom Holding and Orascom Technology Solutions (OTS).

Industries (OCI) (Orascom Construction and Industry), Orascom Hotels and Development (OHD) (Orascom Hotels and Development), operated by Nassef Sawiris and Samih Sawiris.

Samih Sawiris Yacht

The Samih Sawiris yacht is owned by the Sawiris family. Egyptian billionaire and business tycoon, Samih Sawiris has been spotted on the yacht on several occasions.

Hence, people have started referring to the yacht as the Samih Sawiris yacht.

The yacht measures a total length of 46.7 meters. Its draft measures 2.85 meters in length, while the beam measures 8.5 meters in length. There are a total of 3 decks on the yacht, which makes it fairly large and spacious both on the exterior and interior.

However, what’s worth noting is that the official name of this yacht is, Yalla. The identity of Samih Sawiris has been attached to the yacht. That’s why people know it as the Samih Sawiris yacht as opposed to the Yalla yacht.

The Sawiris family acquired this splendid superyacht in 2014 for a whopping $80 million. As a privately owned yacht, the possibility of chartering it is impossible.

Samih Sawiris Andermatt

The beginning of the Andermatt Swiss Alps sounds like a fairytale.

Samih Sawiris took a helicopter ride over the sleepy Swiss ski village of Andermatt in 2005. And he was struck by its remote wilderness.

The resort was only a 90-minute drive from Zurich. And yet it felt like a secret hidden in the mountains of Uri. It’s arguably the rugged country’s least discovered canton and immediately Samih saw the town’s potential.

From vision to realization

2005: First visit of Samih Sawiris to Andermatt

2007: Municipalities vote with 96 % “Yes”

2009: Ground-breaking The Chedi Andermatt

2012: Takeover of the cableways. Ground-breaking of the first apartment buildings

2013: Opening of The Chedi Andermatt. The five-star deluxe hotel The Chedi Andermatt opens. It is the new tourism project’s first hotel in Andermatt. Operations start on December 20, and the first guests arrive.

2015: Gurschen Flyer and golf course opening. The construction of the Gurschen Flyer on Gemsstock marks the first step in the modernization of the ski area in Andermatt. With the opening of the Andermatt Golf Course, Andermatt starts to become a year-round destination. The Scottish-like course winds more than six kilometers through the Ursern Valley. It meets international tournament standards, and is certified for its sustainability.

2016: The SkiArena gets bigger. Construction starts on the gondola from Andermatt up to Nätschen and further up to Gütsch. The lift is the first stage of the ski area expansion.

2018: The second hotel. The Radisson Blu Hotel Reussen and the Gotthard Residences were opened. Piazza Gottardo next to the hotel forms a new center in Andermatt Reuss. The linking of the Andermatt-Sedrun ski areas is celebrated with the opening of the Schneehüenerstock Express.

2019: Landmarks and milestones: Two gourmet restaurants at 2,340 meters above sea level open their doors. In Andermatt Reuss, 10 apartment buildings were completed. The Andermatt Concert Hall was opened.

2022: Vail Resorts. The world’s largest ski resort operator, Vail Resorts Inc., becomes the majority shareholder of Andermatt-Sedrun Sports AG. The aim is to become the Prime Alpine Destination with the Andermatt-Sedrun ski area.

Conclusion

Samih Sawiris has no doubt acquired quite a fortune and a legacy built to last for generations to come. He rewrote his life’s story from just another rich man’s heir to a symbol of wealth, business, and entertainment.

He shocked the world when he announced his decision to step down as chairman of Orascom Hotels and Development in 2022. Nevertheless, it is undeniable that he played a role in making Orascom Industries a diversified and successful conglomerate that employs over 100,000 thousand Egyptians.

His success is not based on just what he was given or even his social class. But it’s defined by what he did with what was given to him.

If he could do it, anyone, despite their financial backgrounds, can. However, the right mindset and principles are important factors that shape great outcomes.

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