(MENAFN) According to Naguib Sawiris, billionaire chairman of Ora Developers, an Egyptian real estate developer, the company is aiming to devote a minimum of USD1 billion on enlarging its presence in African markets over the upcoming five years as it plans to benefit from the growth capacity of the continent.
Mr Sawairis reported to the National at Cityscape Global in Dubai that the firm’s investment is going to be carried out in stages and extension plans involve constructing a seven-star hotel and growing resorts in various African markets.
He added, “now we are looking into other locations, mostly in Africa,” he said. “I’m just coming from Senegal … we want to do a seven-star hotel, which doesn’t exist there, and maybe also [invest in] a resort there.”
The firm is waiting for the present political conflict in Sudan to quiet down before it continues to invest in the market. Congo, Ghana as well as Zaire are amongst other African markets in which Ora intends to invest in.
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