Cairo – Mubasher: The board of directors of Orascom Investment Holding (OIH) approved the appointment of Naguib Onsi Sawiris as the Executive Chairman of the board effective as of 1 November 2022. 

In addition, it approved naming Marwan Hussein as the company's CEO starting as of the same date and accepted the resignation of Akil Hamed Bashir from his position as a Non-Executive Chairman of the board, while continuing as a non-executive member of the board, according to a recent bourse filing.

The decisions are subject to the general assembly’s approval.

In this respect, Egyptian billionaire Naguib Sawiris, commented “The Company is looking forward to implementing its new strategy in the renewable energy and the real estate & touristic development sectors, especially in Africa and the Middle East, in order to maximise the value of the Company and the return to its investors, and open new markets for the Orascom.”

In the first half (H1) of 2022, Orascom Investment Holding turned to profits, earning EGP 105.32 million in consolidated net profits, against net losses of EGP 66.55 million in H1 of 2021.  

Operating revenue during the six-month period ended 30 June 2022 stood at EGP 38.69 million, up from EGP 13.09 million in the same period in 2021.