Register for MEED's guest programme 

Naguib Sawiris, the CEO of Orascom Investment Holding (OIH), has confirmed the company’s plans to invest in the Iraqi real estate sector. Sawiris announced the plans on his official Twitter account following a meeting with Iraq’s Prime Minister Mohammed Shia al-Sudani.

Nearly two decades after its initial investment in Iraq's communications sector, OIH’s decision to participate in the country's real estate development is a significant step towards the diversification of the company’s portfolio. The latest move will see OIH increase its already extensive regional footprint.

Earlier this year, Naguib met the chairman of Iraq’s National Investment Commission, Haider Makiya, and the two sides explored investment opportunities in the country.

Uzbekistan plan

The move follows a similar development in May, when Sawiris unveiled plans to invest about $1.2bn in Uzbekistan. The announcement came shortly after the meeting between Uzbekistan's President Shavkat Mirziyoyev and Sawiris.

OIH seeks to invest in sectors such as food production, geological exploration, metal mining, hotel complex management, and solar and wind power plant development in the country.

The investment plan builds upon the company’s earlier commitment to construct an industrial park in Uzbekistan, which will house facilities for producing paint, varnishes, and chemicals for building materials, along with a 100MW wind farm.

Established in 1997, OIH originally operated as Orascom Telecom Holding. The company rebranded later and diversified its investments in other sectors. The holding company’s assets currently include Orascom Development, Orascom Construction and Orascom Technology Solutions company.

Thumbnail image: Flickr