Latest news with #Orascom
Zawya
14-05-2025
- Business
- Zawya
PM Madbouly inaugurates $60mln expansion of Hayat Egypt factory in Sokhna
Egypt - Prime Minister Mostafa Madbouly inaugurated the $60m expansion of Turkish company Hayat Egypt Hygienic Products, a factory that manufactures tissue paper from nonwoven materials. The expanded facility is located within Orascom Industrial Parks in the Sokhna Industrial Zone, part of the Suez Canal Economic Zone (SCZONE). The Prime Minister praised the SCZONE as a key destination for international investment, citing its strategic geographic location—linked to both the Mediterranean and Red Seas—and its integrated industrial zones connected to ports that enhance global trade and logistics. He also highlighted the state's major infrastructure developments, including national roads and tunnel networks, which have improved access between the eastern and western parts of the zone and supported development in Sinai and Canal cities. Madbouly noted the increasing diversity of foreign investment across various industrial and logistical sectors, all aimed at reaching nearly two billion global consumers. This, he said, is supported by Egypt's wide network of free trade agreements and international partnerships that facilitate export access to multiple markets. During his visit, the Prime Minister toured the facility's production line, including the preparation area, main machine and control room, packaging unit, and final product displays. Officials from Hayat Egypt presented the scope of the new plant, which spans 21,000 square meters and has created approximately 200 direct jobs. The factory's annual production capacity reaches 60,000 tonnes. SCZONE Chairman Walid Gamal El-Din said the expansion reflects the success of ongoing cooperation between Hayat Egypt, the SCZONE, and industrial developer Orascom Industrial Parks. He emphasized the authority's commitment to facilitating investment by supporting developers, port operators, and manufacturers through a comprehensive suite of services. Gamal El-Din also pointed to the SCZONE's continued push to digitize investor services through initiatives such as the one-stop shop and the newly inaugurated logistics center, which streamlines customs procedures and provides integrated investor support. These efforts, he said, align with the authority's broader strategic vision to create a globally competitive, investment-friendly environment backed by both financial and non-financial incentives. The expansion builds on Hayat Egypt's already significant presence in Sokhna. The company operates an existing hygienic products factory within the Orascom Industrial Zones area, spanning 400,000 square meters. That facility has attracted more than EGP 330m in investment and created 450 direct job opportunities. With the newly launched plant, the company's total investments in Egypt now exceed EGP 3.33bn (approximately $60m), and its total workforce has grown to 650 direct employees.
Irish Daily Star
28-04-2025
- Irish Daily Star
'Disappointing' Pyramids of Giza to get major upgrade after years of tourist complaints
Egypt is set to inject £38 million into revamping one of its most famous landmarks, the 4,500-year-old Pyramids of Giza, after it was announced that the mystery of a 3,500-year-old Egyptian mummy buried while screaming was finally solved. Long-standing criticisms from tourists regarding the conditions at the UNESCO World Heritage Site - which, despite its popularity, isn't the oldest pyramid in the world - include animal abuse, aggressive sales tactics, poor management, and overpopulation. However, all that is slated for change with a new project led by Orascom Pyramids Entertainment Services Company. Officials have shared plans for the refurbishment of several tombs, implementing an online system for ticket purchases, and enhancing the visitor center. Orascom has announced that they've deployed 45 electric buses at the site - which scientists have discovered has 'an anomaly' beneath its surface - expected to operate in five-minute intervals. Read More Related Articles An underrated Irish seaside town was once named best town in the world Read More Related Articles Plans revealed for Ireland's first-ever winter sports and entertainment arena Naguib Sawiris, the mastermind of Orascom Telecom Holding and Orascom Investment Holding, has warned on X that vendors who refuse to move to a newly designated area will be prohibited. The Pyramids of Giza in Egypt are getting a revamp (Image: (Image: Getty)) "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," he voiced in a statement, reports the Express . Additionally, a recent exposé by the People for the Ethical Treatment of Animals (PETA) revealed habitual abuse of animals and neglect leading to their demise along roadways. "PETA has documented the routine punching, kicking, whipping, and starving of horses and camels at the pyramids," disclosed PETA Asia Vice President Jason Baker. For all the latest news straight to your inbox, sign up for our FREE newsletters here . "Animals are literally ridden to death and then dumped like rubbish outside the gate. The Pyramids of Giza should symbolize Egypt's beauty and history - not unchecked animal abuse. The Egyptian government must act to remove these suffering animals from Giza." The Pyramids of Giza attract a significant number of visitors annually. In 2023, the Giza Pyramid complex welcomed approximately 14.7 million tourists from around the world. This number increased in 2024, with reports indicating that 15.7 million tourists visited the Pyramids of Giza that year. The rising number of visitors has led to concerns about overcrowding and the preservation of the site. In response, Egyptian authorities have implemented measures to manage tourist flow and protect the integrity of the pyramids, according to Internation Business Times UK. For the latest local news and features on Irish America, visit our homepage here .
Daily Mirror
28-04-2025
- Daily Mirror
Egypt's 'disappointing' Pyramids of Giza to undergo £38m revamp
The Pyramids of Giza have stood for 4600 years as a monument to human capability, but a new project is set to transform the iconic landmark Egypt, the ancient land with some of the most impressive World Heritage sites in the world, is taking steps to enhance the tourism appeal of its main attraction. The nation has set its sights on revamping the iconic Pyramids of Giza, a magnet for tourists from around the globe. Yet, the world's most renowned ancient landmark has often disappointed visitors. For years, the UNESCO World Heritage Site has suffered from mismanagement, unchecked and pushy vendors, as well as allegations of animal mistreatment. These issues have marred the experience for many who visit Egypt's Giza Plateau, leading to overcrowding and dissatisfaction. A new initiative spearheaded by Orascom Pyramids Entertainment Services Company is said to be in the pipeline, with an estimated cost of $51 million (£38 million). In a statement, Orascom announced that 45 electric buses are now available at the site, with services running every five minutes. Officials have indicated that the renovation will also include the restoration of several tombs, reports the Express Additionally, a modern online ticketing system and an upgraded visitor centre are expected to be introduced. Business tycoon Naguib Sawiris, the brains behind Orascom Telecom Holding and Orascom Investment Holding, stated on X that vendors who resist relocating to the newly designated zone will face a ban. "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," he said in a post. In addition, a recent investigation by People for the Ethical Treatment of Animals (PETA) has uncovered regular mistreatment and animals being left to decay on roadsides. "PETA has documented the routine punching, kicking, whipping, and starving of horses and camels at the pyramids," revealed PETA Asia Vice President Jason Baker. "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."
Egypt Today
23-04-2025
- Business
- Egypt Today
Monorail trial operation set to begin in July without passengers, connecting new capital to Nasr City
CAIRO – 23 April 2025: Egypt is set to launch the trial operation of the monorail line linking the New Administrative Capital to the Mosheer Tantawy station in Nasr City, starting in July. This East Nile Monorail project will begin testing without public access, as announced by Tarek Goueili, Chairman of the National Authority for Tunnels, on Wednesday. By the end of the year, testing will extend to the Stadium station in Nasr City, with full operational capacity anticipated by early 2026, according to Goueili. The East Nile Monorail project features 22 stations spanning 56.5 kilometers, serving areas across Nasr City, New Cairo, and the New Administrative Capital. Meanwhile, the West Nile Line connects Giza's 6 October City to the Arab League headquarters in downtown Cairo, featuring 13 stations along a 43.8-kilometer route. With both lines extending nearly 100 kilometers and comprising a total of 35 stations, Egypt's monorail project is considered the longest driverless monorail network in the world. The project is being implemented by a consortium of Orascom, Alstom, and Arab Contractors, which has been implementing the East and West Nile lines since 2019 and 2020, respectively.
Business Mayor
21-04-2025
- Business
- Business Mayor
The Swiss Alps ski village that is luring nervous Americans
Unlock the Editor's Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. US President Donald Trump seems to be having a big impact on a small ski village in the Swiss Alps. In the first few months of this year newly built apartments in the village of Andermatt attracted more than 1,260 enquiries from US investors, with the project's developer suggesting the demand was fuelled by 'a flight to safety' by nervous Americans. They bought or put down deposits for SFr14.2mn ($17.4mn) worth of apartments by April 10 — nearly double the SFr7.7mn of transactions for the whole of last year. Back in 2023, Andermatt did not have a single American buyer for its new apartments. More than a third of this year's sales and deposits were made in the week before Easter as trade tariffs imposed by the Trump administration wreaked havoc in markets. Russell Collins, chief commercial officer of Andermatt Swiss Alps, which manages and develops the project and which has sold 546 apartments already built and off-plan, said there had been more US tourism interest since American company Vail Resorts bought a majority stake in the ski resort infrastructure in 2022. Even so, this year's surge in US demand was a 'clear outlier', he said. 'Since the beginning of the year and in the past six weeks it has been like a hockey stick in terms of sales volume and enquiries,' he said. The boom in Andermatt comes as wealthy Americans are drawing up contingency plans to move assets to Switzerland © Kim Leuenberger/Andermatt Swiss Alps Andermatt Swiss Alps, 51 per cent owned by Egyptian-Montenegrin businessman Samih Sawiris and 49 per cent by his company Orascom, is unique in Switzerland because it has been exempted from restrictions on foreign buyers buying property, making it a barometer of foreign demand. The SFr1.8bn project in Andermatt, a garrison town known as a training centre for the Swiss army, includes hotels, restaurants and a golf course. It is just a couple of hours by car or train from Zurich. Buyers say they are looking for safe, Swiss franc-denominated real estate investments because of the uncertainty generated by the new US administration, according to Collins. The Swiss franc has risen 11 per cent since January against the dollar and is up nearly 12 per cent over the past year. The boom in Andermatt comes as wealthy Americans both in the US and abroad are drawing up contingency plans to move assets to Switzerland amid uncertainty caused by the Trump administration, the Financial Times reported last month. Other European cities such as Madrid are experiencing a rush of 'Trump regime refugees' attempting to put down roots. Philipp Zünd, a partner at KPMG in Zurich who serves global wealthy clients wanting to move to Switzerland, said the number of Americans who had contacted the firm wanting to take up residency in the country had more than doubled this year compared with previous years' totals. 'In the past few months we have seen more Americans wanting to move here and to Europe more broadly,' he said. In Switzerland, most property purchases by foreign nationals are heavily restricted under the Lex Koller rules. However, the government has exempted Andermatt Swiss Alps due to its size, allowing international buyers to purchase and sell apartments and houses freely, without approval or holding periods. Additionally, the country's second-home legislation, which limits the construction of second homes to 20 per cent of a village's housing stock, does not apply to Andermatt Swiss Alps until 2040. Recommended Most of Andermatt's buyers come from the east coast of the US, but are based as far afield as Nebraska and Miami, the company said. One Andermatt buyer, a New York-based tech entrepreneur in his early 50s who asked to remain anonymous, said Trump was one of the 'main factors' in his decision to buy. He and his partner purchased a two-bedroom unit for SFr2.2mn in November. Switzerland, he said, was stable and secure at a time when the US was less so under Trump. 'It is not only financial uncertainty — it is not liking what [the US] is turning into and what it has become,' he said. He added that he also moved some funds into a Swiss bank and that he and his partner have taken EU citizenship so that they can live in Switzerland. Jeremy Rollason, head of Alpine sales at Savills in London, said Andermatt was 'a unique project in Switzerland' and there had been an uptick in its sales, 'though I would say the trend of Americans being more interested in foreign real estate started before Trump [was re-elected]'. He added: 'The majority of our buyers in Switzerland are still Europeans but we have seen a threefold increase in the number of US buyer registrations in Europe generally since 2020.'
