Egyptian billionaire Samih Sawiris confirms transfer of Orascom Development shares to his son

Egyptian billionaire Samih Sawiris has confirmed that he completed the transfer of all his shares in Orascom Development Holding, the family’s international property group, to his son Naguib Samih Sawiris four years ago. The timeline matches his decision to step down as chairman in December 2021, a moment that marked a quiet but decisive generational shift in one of Egypt’s most prominent business families.

Samih Sawiris hands over control to son

Speaking about the transition, Sawiris said the change in leadership came after the departure of former chief executive Khaled Beshara, who had helped steer the company through key years of expansion. Rather than return to the helm himself, Sawiris said he believed it was time to let his son take full control, granting him the freedom to shape the company’s future as he saw fit—including the option to delist the Swiss-listed firm if necessary. According to him, Naguib’s condition for taking over was “complete independence,” a request his father respected.

Sawiris, among Egypt’s wealthiest individuals, said he has already structured his estate to reflect his long-term vision for his family. His only son now owns all shares of Orascom Development Holding, while he himself retains 51 percent of the Swiss parent entity and continues to oversee projects in Morocco and Senegal. His daughters, he added, received cash assets and holdings in other private businesses.

The 68-year-old billionaire has in recent years shifted his focus from day-to-day business to philanthropy. He plans to donate around 30 percent of his fortune to charitable causes, including funding a heart hospital in Rwanda with renowned cardiac surgeon Dr. Magdi Yacoub. “It’s important that part of what I’ve built goes back to society,” he said in a recent interview.

Orascom Development Egypt sees strong H1 growth

Under his son, Orascom Development has maintained solid growth despite economic pressures at home and abroad. The company’s Egyptian arm, Orascom Development Egypt (ODE), reported a 12.9 percent rise in revenue in the first half of 2025 to EGP11.5 billion ($237.9 million), boosted by stronger performance from its hotels and commercial properties.

Its net profit rose 222 percent to EGP3 billion ($61.9 million), thus reflecting improved margins and foreign-currency gains following Egypt’s recent devaluation. Margin increased to 45 percent from 40.9 percent a year earlier as adjusted EBITDA increased 19.3 percent to EGP5.4 billion ($111.4 million) and gross profit increased 24 percent to EGP5.2 billion ($107.3 million).

With $107.1 million in foreign reserves, the company's cash position had improved to EGP8.1 billion ($167.7 million) by the end of June 2025. ODE’s ability to generate value was demonstrated by the 9.1 percent increase in total assets to EGP55.34 billion ($1.14 billion) and the 19.1 percent increase in shareholder equity to EGP15.65 billion ($323 million).