Egyptian billionaire prepares for large project in Iraq
The Iraqi Prime Minister, Mohammed Shia Al-Sudani, and the CEO of Orascom Investment Holding, Naguib Sawiris. Photo: X, formerly Twitter
Baghdad (IraqiNews.com) – The Egyptian billionaire Naguib Sawiris confirmed his intention to launch a major project in the Iraqi real estate sector.
The project represents the return of the Egyptian billionaire to the Iraqi market, in which he previously invested in the telecommunications sector nearly 20 years ago.
Sawiris published via Twitter a picture of himself with the Iraqi Prime Minister, Mohammed Shia Al-Sudani, explaining that they had a constructive meeting and indicating that there is an intention to launch a huge project in the Iraqi capital, Baghdad.
“I wish the Iraqi Prime Minister success in achieving his aspirations for a prosperous future for the Iraqi people,” the Egyptian businessman added via Twitter.
Sawiris did not disclose the size of the investments in the project.
Investing in real estate development in Iraq is considered the first experience for the Egyptian businessman, but he previously invested in the Iraqi telecommunications sector in 2003.
In January 2023, Sawiris, who is the CEO of Orascom Investment Holding (OIH), met with the chairman of the National Investment Commission (NIC), Haider Makiya, in Baghdad, where they discussed investment opportunities in the real-estate sector with OIH, according to the Iraqi News Agency (INA).
The two gentlemen talked about building large cities for both high- and low-income individuals outside the Iraqi capital.
OIH is also considering other projects that would serve the large cities it is intending to build in order to tackle the congestion in Baghdad.