Egyptian billionaire businessman Naguib Sawiris said he is interested in managing and operating three Egyptian airports, as the government moves ahead with plans to open airport operations to private-sector participation.
Speaking on Tuesday at the Conference on the Competitiveness of the Egyptian Economy in Cairo, Sawiris said an Italian company has expressed interest in forming a consortium with one of his affiliated firms to bid for the management and operation of Hurghada International Airport, which the government has recently offered to private investors.
Sawiris said he is also open to competing for the management of other airports if they are offered, particularly Luxor and Sohag airports.
He added that upgrading and professionally managing airports, alongside other incentives supporting the tourism sector, could help double the number of tourists visiting Egypt in the coming years.
Sawiris also outlined his investment plans for the next phase, which include new projects in Egypt, the United Arab Emirates, and Iraq.
“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,” Sawiris said.
Beyond the UAE, he added that his group aims to transfer its experience in replacing traditional tuk-tuks in Egypt with electric alternatives to Morocco. “We seek to replicate the model by replacing diesel-powered motorcycles with electric ones,” he said.
In Egypt, Sawiris said future expansions are likely to focus on the tourism sector. He plans to develop three hotels in the Giza Pyramids area and in the governorates of Minya and Sohag.
He ruled out launching new real estate developments, noting that his company is currently focused on completing existing projects.
Sawiris also renewed his criticism of high interest rates in Egypt, describing them as harmful to the sector. He said interest costs account for roughly half the cost of real estate projects in the country.
Daily News Egypt
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