The son becomes the successor: Samih Sawiris takes off his hat in Orascom
The Egyptian investor will hand over the presidency of Orascom Development Holding Company next year. His son, Najib, takes the position – and so do his shares.
Samih Sawiris makes way for the next generation: Altdorf-based Orascom Development Holding Company announced next spring that he will not run for president, the company announced on Wednesday morning. The company he built should be headed by his son Najib.
The 30-year-old has been a member of the board of directors since 2016 and vice president since 2020. Naguib Sawiris has established technology companies in the United States over the past few years after earning his degree at Stanford University. The son of Samih Sawiris also took over the majority of Orascom at the same time. The company said that as part of the proposed succession plan, Naguib Sawiris will become the new majority shareholder in Orascom Development Holding by transferring control to his son.
Samih Sawiris is still chairman and majority shareholder in Andermatt
Samih Sawiris leaves Orascom after more than 30 years at the helm of the company. “When I look back to the past 30 years, I am very proud of everything we have built,” Samih Sawiris said in the letter. “It has been a rewarding journey and I am grateful to everyone who went on it. Now is the time to focus on the next chapter of Orascom Development Holding.”
The 64-year-old first built the El Gouna tourist resort in the 1990s and then ventured into a development project in Europe for the first time with Andermatt Swiss Alps. More resorts were added later. The announcement stated that he would continue to serve as chairman and majority shareholder of the Swiss Alps company Andermatt. In Orascom he will be available as a consultant in the future. (I)
“Tv expert. Hardcore creator. Extreme music fan. Lifelong twitter geek. Certified travel enthusiast. Baconaholic. Pop culture nerd. Reader. Freelance student.”