Sawiris Says Investment Experience in Iraq Is Challenging Despite $11 Billion Project
Sawiris said his investment experience in Iraq has been challenging due to ongoing political difficulties, noting that his group continues to pursue large-scale projects despite the complex environment.
Speaking at the seventh annual Hapi Conference in Cairo, Sawiris stated that Ora Developers is currently developing a major residential city in Baghdad with investments exceeding $11 billion, covering an area of around nine million square meters.
He added that total investments across Iraq and the United Arab Emirates amount to approximately $30 billion, with $15 billion allocated to each market, highlighting that such scale could require a public offering in a local or regional stock exchange to support future growth plans.
Sawiris noted that the "Rose City" project marks the group’s return to the Iraqi market after nearly two decades, following earlier investments in the telecommunications sector, and reflects renewed confidence after discussions with Iraqi Prime Minister Mohammed Shia’ Al-Sudani in 2023.
He also pointed to ongoing expansion efforts in the UAE and increased focus on renewable energy projects in Morocco, while stressing that central Cairo and Nile-front locations represent attractive opportunities for regional and foreign investors if offered under suitable conditions.
