Cairo – Mubasher: Egyptian business tycoon Samih Sawiris is stepping down from his position as the Chairman of Orascom Development Holding (ODH) and will not stand for re-election, according to a press release on Wednesday.

Sawiris will be leaving ODH after more than three decades, yet he will remain “actively involved” in Andermatt Swiss Alps (ASA) as Chairman of the board and as majority shareholder, while being an Advisor to ODH.

Naguib Samih Sawiris will be recommended by the board to succeed Samih Sawiris as the Chairman.

ODH noted that Naguib Samih Sawiris has been a board member since 2016 and has assumed the Vice Chairman position since 2020.

Samih Sawiris said: “Reflecting on the past 30 years, I am incredibly proud of everything we've built.”

He added: “It has been a rewarding journey, and I am grateful to everyone who has been a part of it. It's now time to look forward to ODH's next chapter.”

Naguib Samih Sawiris meanwhile said: “My focus will be to ensure ODH returns to its former prosperity and becomes a category-defining destination development company. This will be achieved by a determined focus on our customers, our employees and our partners.”

It is worth noting that ODH is the parent company of Orascom Development Egypt, which is listed on the Egyptian Exchange (EGX).