Latest news with #NaguibSawiris
Bloomberg
4 days ago
- Business
- Bloomberg
Billionaire Guts Media Firm Weeks After Glitzy Dubai Launch
By and Ainsley Thomson Save It was meant to be the last hurrah of a billionaire's near five decades of deal-making — and a second shot at success in the media business. Naguib Sawiris, who'd built a $8.4 billion fortune in some of the world's toughest markets, set up Moniify last year as a kind of CNBC for the TikTok generation. Based out of booming Dubai, it was envisaged as a new media platform to dispense the secrets of wealth-building to an ambitious young audience across key emerging markets. And all backed by someone who'd done it himself.
CairoScene
20-05-2025
- Business
- CairoScene
UAE-Based Financial Media Platform Moniify Taps Lana Sawiris as CEO
UAE-based fintech media platform Moniify has named Lana Sawiris as its new CEO as it pivots from traditional operations to a video-first strategy focused on financial education for younger users. May 20, 2025 Moniify, the financial media startup founded by Egyptian businessman Naguib Sawiris, has appointed Lana Sawiris as its new Chief Executive Officer. The announcement follows an internal restructuring and signals a new strategic direction for the company. Founded in November 2024 and headquartered in the UAE, Moniify launched with a mission to provide financial news and content tailored to younger users in emerging markets. The platform raised around $50 million in initial investment, with significant operational costs projected annually. Now under Lana Sawiris's leadership, Moniify is pivoting to short-form video content, with a focus on financial literacy and digital storytelling. The new approach is designed to engage Gen Z and millennial audiences through mobile-first, accessible media formats. Sawiris brings experience from consumer-facing brands including Christian Louboutin and Kith, and is expected to lead the platform's transition away from traditional publishing toward a model driven by social-first video and educational tools.
Zawya
06-05-2025
- Business
- Zawya
Egypt's Ora Developers breaks ground for Ali-Wardi project in Iraq
Iraq on Tuesday broke ground on a project to build a new city near the capital Baghdad after it was awarded to an Egyptian developer. Al-Wardi city comprises 100,000 houses and will be constructed by Ora Developers, owned by Egyptian tycoon Naguib Sawiris, the official Iraqi news agency reported. Construction and Housing Minister Benkin Rikani laid the foundation stone for the project, which has an area of nearly 60 square kilometres. 'This is one of the largest housing projects in Iraq…it also includes schools, universities, hospitals, shops and recreation facilities,' Rikani said. Iraq has awarded several contracts to foreign firms over the past two years for the construction of new cities within a post-war programme to tackle a housing crisis. Last month, Zawya Projects reported that Egypt-listed TMG in talks with the Iraqi government to build 45,000 houses in the country. (Writing by Nadim Kawach; Editing by Anoop Menon) (
News.com.au
30-04-2025
- News.com.au
Sad reality behind Egypt's Giza Pyramids
Egypt's tourism sector is booming but just like in some parts of Europe and Asia – it's starting to feel the pinch of overcrowding. In 2024 alone, it welcomed nearly 17.5 million tourists and with the ambitious goal of reaching 30 million by 2030, the country has decided to act. While the economy is thriving, the influx of visitors has led to overcrowding, especially at popular sites like the Giza Plateau, with tour guides, street vendors, aggressive resellers and tourist vehicles tarnishing the experiences of many. Some tourists have taken to social media to express their concerns and share their experiences of the Giza Plateau – home to several pyramids and the Great Sphinx. 'When you come to see the pyramids, avoid all these scammers,' South Africa travel influencer Kurt Caz said in a clip. 'Alright, we made it to the other side and these guys are still following me. 'I told you I am looking, I told you I will come back later … see when it doesn't go their way they start getting a little cheeky.' His clip from 2023 has been liked almost 1 million times with tens of thousands of people still weighing in on the issue. 'Ppl are now filming more 'avoid the scammers' than they are pyramids,' one person wrote. 'Every tourist destination in the world has the same thing,' said another. Others complained the pyramids are beautiful, but the scammers ruin the experience. As such, Egypt is taking steps to clean up the UNESCO World Heritage Site that has been plagued by poor management and unregulated and aggressive vendors for years. Last week, a new access point to the complex on the Fayoum Highway was tested, replacing the historic entrance near Marriott Mena House, which frequently suffers from traffic jams and congestion. The project, led by Orascom Pyramids Entertainment Services Company, is reportedly set to cost $A80 million, according to Euro News. However, it has got off to a rocky start with the trial run copping pushback from horse and camel tour operators, who blocked vehicles from entering in a protest against their relocation to new designated parking areas. They say these are too far from the entrance and will damage business, Euro News reported. The vendors have long been accused of harassment and alleged extortion by visitors. Businessman Naguib Sawiris, the founder of Orascom Telecom Holding and Orascom Investment Holding, wrote on X that sellers who refuse to move to the new zone area would be banned. 'The wellbeing of the public and preservation of this treasure is far more important than catering to the interests of 2,000 individuals who have caused harm to the country for years,' he posted. Meanwhile, reports of animal cruelty such as the alleged treatment of animals used for tourist rides from horses, to donkeys and camels has also drawn harsh criticism. Organisations like PETA have been denouncing it for years. 'As detailed in a previous PETA Asia investigation, many camels purchased at the Birqash market end up at Egypt's top historical sites, such as the Great Pyramid of Giza and Saqqara's ancient burial site, to provide tourists with rides,' PETA said in a statement in 2023. 'And there's no retirement for these animals after a lifetime of servitude. Once they're too worn out to continue giving rides, they're returned to the market to be sent to slaughter.' PETA Asia Vice President Jason Baker also claimed the organisation has as documented the routine punching, kicking, whipping, and starving of horses and camels at the pyramids. 'Animals are literally ridden to death and then dumped like rubbish outside the gate. The Pyramids of Giza should symbolise Egypt's beauty and history – not unchecked animal abuse. The Egyptian government must act to remove these suffering animals from Giza.' However, the government has acted, launching a specific animal welfare program in the main tourist spots, including Giza that will see eco-friendly transport. @funnyoldeworld Big changes to accessing pyramids causing massive issues! #egypt #giza #overcrowding #sacredsites ♬ original sound - JahannahJames It is now betting on electric buses inside the necropolis to offer a more comfortable and sustainable alternative to animal rides – while also ensuring it does not pollute or cause discomfort to locals. While the transition aims to improve the sustainability of the complex, according to Euro News, some visitors have complained on social media about the availability of the vehicles, saying they've been forced to wait or walk in the heat. In a statement responding to the backlash, Orascom, the construction company leading the project, said 45 electric buses had been made available on the site and are scheduled to run every five minutes. The revamp will also see several tombs restored, the introduction of online ticketing and a new visitor centre. According to Statistica, travel and tourism added around $US31 billion – $A48b – to Egypt's Gross Domestic Product (GDP) in 2023. Compared to 2020, this was an increase from $US17.2 billion – $A27b.
NDTV
29-04-2025
- NDTV
Egypt's $51 Million Pyramids Revamp Includes Electric Buses, E-Ticketing
Egypt's iconic Pyramids of Giza are set to undergo a $51 million revamp after years of complaints from tourists about poor conditions at the UNESCO World Heritage Site. Millions of people visit the African nation each year to see the ancient pyramids, but many have shared negative experiences. Despite being the most popular tourist attraction, it lacks proper management. Tourists have also complained about animal cruelty and aggressive vendors forcing them to buy souvenirs or services. What changes will tourists see? The country has started a trial run for the changes at the Pyramids of Giza. Earlier, people used to make an entry near the Marriott Mena House Hotel, which used to be overcrowded. Now, they have opened a new entrance from the Fayoum Highway to reduce traffic and crowding. Instead of private cars and tourist buses, the government is planning to run 45 electric buses in the Pyramids area. This will operate every five minutes. The move came after animal rights organisation PETA complained that horses and camels were often kicked, punched, starved, and forced to work until they died. Several tombs will also be restored. In addition, visitor centres are being revamped to look more organised. The government is also setting up an online ticket system so people can buy tickets online instead of standing in long queues. Challenges After the government replaced an old entry with a new one, horse and camel owners were told to move to a new parking area away from the main tourist spots. This has angered the animal ride owners, who say the new spots make it harder for them to find customers. In return, the animal ride owners have started a protest by blocking vehicles. Naguib Sawiris, founder of Orascom Investment Holding, said, "The well-being of the public and preservation of this treasure is far more important than catering to the interests of 2,000 individuals who have caused harm to the country for years," as per He also said that vendors who don't follow rules will be banned from the area.
