Samih Sawiris News
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Since hotelier Tobias Zurbriggen can remember, the business of running Saas-Fee has been a local affair. Now, the Swiss ski resort neighboring the Matterhorn is feeling the heat from a New York-based financier.
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Orascom Development Holding AG’s hotels in Egypt may see a 25 percent decline in first-quarter revenue in a worst case scenario as a result of unrest in the country, Chief Executive Officer Samih Sawiris told Le Temps .
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Egyptian billionaire Samih Sawiris ’s development in Andermatt, Switzerland, got tax breaks from canton Uri, SonntagsZeitung reported.
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Orascom Development Holding AG, the hotel and construction company controlled by Egyptian businessman Samih Sawiris, fell the most in more than two months after saying its first-half loss may more than double.
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An Egyptian billionaire with a penchant for risk is transforming a sleepy Swiss village into a ritzy resort that may one day rival Verbier.
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One real estate agency has stopped promoting Egyptian billionaire Samih Sawiris ’s development in Andermatt, Switzerland, Tages-Anzeiger said, citing the agent.
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Orascom Development Holding AG, a developer of resorts in Europe and the Middle East, surged the most on record after a prison sentence in Egypt against its chairman was nullified.
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Orascom Development Holding AG, the hotel and construction company, will get a direct loan of 75 million Swiss francs ($83 million) from company chairman and majority owner Samih Sawiris to help fund construction projects this year.
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Egypt’s benchmark EGX 30 Index gained 0.6 percent to 4,755.07 at the 2:30 p.m. close in Cairo, the highest level in more than a month. The measure advanced 2.5 percent this week.
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Orascom Development Holding AG, a resort company run by billionaire Samih Sawiris, called off its planned share sale that could have raised about 150.2 million Swiss francs ($140 million), after observing “irregular trading activities” in its stock.
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