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Monday, 10 October 2022

OIH is planning four new hotels

Orascom Investment Holding (OIH) has earmarked USD 200-300 mn to build four new hotels — two in the North Coast, one in Cairo and another in Giza near the pyramids, chairman Naguib Sawiris said at an economic conference last week.

Details TBD: The company is currently conducting studies into unspecified new investments in the hotel industry, it said in an EGX disclosure (pdf) following Sawiris’ comments, adding that OIH will share details of the potential investments with the board as soon as the studies wrap.

A push into African renewables: The company is also looking into setting up EV charging companies in unnamed African countries, Sawiris said.

Sawiris still a goldbug: A longtime fan of investing in gold and backer of mining firm Altus Strategies, Sawiris said the yellow metal has been the least affected of all asset classes by this year’s rising interest rates, far outperforming riskier investments like stocks.

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