Latest news with #Cairo-headquartered
Arabian Business
21-04-2025
- Business
- Arabian Business
Egypt's ORA Developers accelerates UAE growth with new headquarters, key appointments
Egypt-based ORA Developers announced the establishment of its UAE headquarters at One Central, in what is seen as the company's bid to kick off a major regional expansion. The company also said it will soon unveil details of its key investment in the UAE, a 4.8 million sqm master-planned community in Ghantoot. The project, strategically positioned between Abu Dhabi and Dubai, features 1.2 kilometers of pristine Arabian Gulf beachfront. The Cairo-headquartered ORA Developers, which boasts of a real estate portfolio worth over $45 billion across Egypt, Cyprus, Pakistan, UAE, and Iraq, will also establish customer experience centers in both Abu Dhabi and Dubai to provide a dedicated touchpoint for clients and stakeholders. Naguib Sawiris, Chairman and CEO of ORA Developers, said in a fast-evolving real estate landscape, establishing the company's regional headquarters is a crucial step that aligns with the UAE's long-term vision for urban development. 'This hub not only strengthens our ability to deliver innovative, future-ready communities, but also allows us to integrate global best practices with the UAE's dynamic market needs,' he said. Sawiris said the company is also committed to shaping sustainable, well-balanced developments in the UAE by prioritizing nature, connectivity, and design. Since entering the UAE in 2023, ORA Developers has rapidly scaled its presence acquiring prime land, obtaining regulatory approvals, and laying the groundwork for transformative developments, the company said. ORA Developers is also a strategic investor in Discovery Dunes, a project designed around a championship golf course by Discovery Land Company. The company said the ultra-luxury project further validates its investment decisions in the sector and the UAE market. It has also built its UAE team from the ground up-growing to nearly 94 employees, with plans to at least triple by the end of 2025. The company said it will be driving the UAE expansion with a leadership team with expertise through development, sales, branding, marketing and finance. Khaled Morgan, Chief Development Officer, will ensure delivering unique and innovative urban experiences, while Ahmed Samir, Chief Human Resources Officer, will drive talent acquisition in the UAE to support rapid scaling. Founded by Naguib Sawiris, ORA Developers boasts of a global portfolio spanning residential, hospitality, commercial, and entertainment.
Zawya
16-03-2025
- Business
- Zawya
INTERVIEW: Egypt Kuwait Holding to expand into Saudi Arabia and Northern Europe in 2025
Cairo-headquartered investment firm Egypt Kuwait Holding Company (EKH) is set to enter the Saudi market for the first time and launch a new project in Northern Europe in 2025 as part of its global diversification strategy, CEO Jon Rokk revealed. The company, listed on both the Egypt and Kuwait stock exchanges, is planning to invest between $150 million and $200 million over 2025 and 2026 as part of its strategic growth plan, he said in an interview with Zawya Projects. 'Our group prioritises increasing foreign currency revenues and boosting exports, while also strengthening our financial position and continuing to drive regional development,' he said. EKH's diversified portfolio includes fertilisers and petrochemicals, gas distribution, power generation and distribution, and insurance and non-banking financial services, predominantly in Egypt. The EKH executive didn't elaborate on the Northern Europe foray but said the Saudi investment, which falls within the energy sector, is fully financed by the company, with all credit arrangements already completed. He further described the move as strategic, positioning EKH for long-term growth in the Saudi market but didn't disclose investment specifics. Rokk said the company is open to Sukuk or bond issuances as part of its financing strategy for expansion projects. Without going into details he confirmed they are reviewing all available financing options, taking into account project requirements, market conditions, cost efficiency, and the expected returns from each financial instrument. 'We aim to strike a balance between self-financing and external financing to ensure continuous growth while maintaining our strong financial position,' he said. EKH reported $642 million in revenues for 2024, with gross profit and EBITDA margins coming in at 40 percent and 39 percent, respectively. Net profit amounted to $185 million with net profit margin increasing by 2 percentage points (pp) year-over-year (y-o-y), reaching 29 percent. EKH's attributable net income totaled $163 million for 2024. Rokk said the company holds $527 million in cash and financial assets while its current bank liabilities stand at $583 million. 'We are committed to managing our financial resources efficiently, focusing on maximising cash flow and shareholder returns while maintaining financial stability,' he said. Egypt expansion plans Within Egypt, its key market, EKH is actively exploring investment opportunities in state-owned assets and enterprises that the government is offering for investment or sale. 'We are particularly focused on investments in digital transformation and new projects that align with our sustainable growth strategy,' he said. As part of its expansion strategy, the company is also looking at securing additional concessions for oil and gas exploration sector in Egypt, he added. EKH operates in Egypt's energy and energy-related sectors through its subsidiaries, NatEnergy and Offshore North Sinai (ONS). The ONS concession is operated by North Sinai Petroleum Company (NOSPCO). ONS posted revenues of $62 million in 2024, up 7 percent y-o-y, while net profit reached $31 million, with a net profit margin of 50 percent. Fourth quarter 2024 revenues rose 32 percent y-o-y to $19 million, driven by the commencement of production from the Aton-1 and KSE2 wells. 'Production from the two sites will enable us to maintain a steady gas production rate of 55 million standard cubic feet per day through 2026,' said Rokk. He added that Egyptian General Petroleum Corporation (EGPC) has approved the extension of the concession by 10 years, which enhances the sustainability of operations and supports EKH's future growth plans in Egypt. 'We appreciate the efforts of the Ministry of Petroleum and EGPC in supporting investments and fostering a conducive environment for growth,' he said. Outstanding receivables When asked about the outstanding receivables from the Egyptian government for gas supplies from the ONS concession, he said the government's commitment to supporting the oil and gas sector remains crucial for industry stability. 'The company's receivables from the Egyptian government are part of contractual obligations that are settled according to agreed-upon mechanisms,' he said. He highlighted that since July 2018, the gas purchase price agreed with the government has ranged between $5.18 and $5.88 per million British thermal units, reflecting global market trends. Linked to oil prices and estimated extraction costs, this pricing structure remains advantageous for the company. 'Currently, there are no ongoing negotiations to revise this price,' he confirmed. He also pointed out that the company will start a rebranding exercise this year that will position it as a top-tier global investment firm, capable of competing in international markets. 'The new brand identity embodies the company's ambitions and ongoing expansion, as we transition from a regional powerhouse to a globally recognized investment firm, driven by a clear vision for growth and development,' he concluded. (Reporting by Marwa Abo Almajd; Editing by Anoop Menon) ( (Writing by Majda Muhsen; Editing by Anoop Menon) (
